Sixth SMSF auditor disqualified in 2018 for independence breaches

ASIC has disqualified yet another SMSF auditor for breaching the independence requirements.

ASIC announced that it had disqualified Keith Mar, of NSW, from being an approved SMSF auditor. The regulator said it found Mr Mar had breached the independence requirements in APES 110 Code of Ethics for Professional Accountants by auditing his own fund, the fund of an immediate family member and a fund where he was the trustee and an immediate family member was a trustee.

This is the seventh disqualification of an SMSF auditor so far in 2018, six of which have related to independence requirements.

ASIC Commissioner John Price repeated his statement following a disqualification: “SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate.’

As with recent disqualifications, Mr Mar was referred to ASIC by the ATO – as allowed by the SIS Act.

“ASIC and the ATO work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action such as disqualification or suspension of their registration,” said ASIC.

SMSF trustees can check the registration status of SMSF auditors on ASIC’s SMSF auditor register.

Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter?

This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.

1 thought on “Sixth SMSF auditor disqualified in 2018 for independence breaches”

  1. I rest my case about the 3 year audits in light of this article. Instead why do we not encourage people to take more responsibility for their own SMSF!!!

Leave a Reply

Your email address will not be published. Required fields are marked *