SMSF Auditor disqualified for audit, fit & proper person breaches

ASIC has disqualified an SMSF auditor for breaches of audit requirements and not being a fit and proper person.

ASIC announced that it had disqualified Chiu Man of New South Wales from being an approved SMSF auditor.

“ASIC found that Mr Man had breached fundamental audit requirements and was otherwise not a fit and proper person,” said the announcement.

In particular, ASIC found that Mr Man had:

  • not complied with audit evidence requirements of Australian auditing standards.
  • not appropriately responded to inquiries from the Australian Taxation Office (ATO) and ASIC.

“SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical and professional standards,” said ASIC Commissioner John Price.

“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” he said.

SMSF trustees and members can check if their auditor is registered by searching ASIC’s SMSF auditor register at connectonline.asic.gov.au.

According to ASIC information about Mr Man was referred to it by the ATO, as allowed under the SIS Act.

“ASIC and the ATO work closely together as co-regulators of SMSF auditors,” said ASIC.

“The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action such as disqualification or suspension of their registration.”

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