ASIC disqualifies third SMSF auditor this week

ASIC has announced yet another SMSF auditor has been disqualified, the third this week.

The regulator announced that Oscar Altavilla, of Victoria, has been disqualified from being an approved SMSF auditor, for breaching the independence and auditing standards and “otherwise not being a fit and proper person”.

ASIC said it found that Mr Altavilla had audited the SMSF of his business parter, which the regulator says was a breach of the auditor independence requirements.

He had also “not obtained sufficient appropriate audit evidence that an SMSF’s assets were recorded at the required market values and were properly held in the name of the fund”. Read more...

Two Queensland SMSF auditors disqualified by ASIC

ASIC has disqualified two Queensland-based SMSF auditors for breaching the independence requirements.

The regulator announced that it had disqualified John Gilliland and Douglas Coghlan, both of Queensland, from being approved SMSF auditors. ASIC said they separately breached the auditor independence requirements by auditing their own SMSFs, the SMSF of an immediate family member and the SMSF of a close family member.

“Self-managed superannuation fund auditors play a fundamental role in promoting confidence in the sector. ASIC will continue to take action to ensure auditors adhere to ethical standards,” said ASIC Commissioner John Price. Read more...

Second SMSF auditor disqualified this week, eighth in 2018

ASIC has disqualified another SMSF auditor for breaches of the independence requirements – the second this week and the seventh so far this year relating to independence issues. Eight SMSF auditors in total have been disqualified by ASIC so far in 2018.

ASIC announced that it has disqualified Kate Campbell, of Queensland, from being an approved SMSF auditor.

The regulator says it found that Mrs Campbell had breached the independence requirements in APES 110 Code of Ethics for Professional Accountants by auditing the SMSFs of “close family members and other relatives”. It also says that Mrs Campbell failed to comply with the continuing professional development requirements in the SIS Act. Read more...

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. Read more...

ASIC cancels 117 SMSF auditor registrations, disqualifies another auditor

The registrations of 117 approved SMSF auditors have been cancelled, for failing to lodge their annual statements, ASIC has announced.

In November 2017 ASIC sent a final warning to 404 SMSF auditors with outstanding annual statements, with 287 of these auditors lodging their annual statements.

ASIC sent notice of cancellation to the remaining 117 auditors on 20 February 2018.

“An unregistered auditor is not permitted to audit a SMSF. Conducting an audit of an SMSF when not permitted to do so may have further serious consequences for the fund and the auditor,” said ASIC. Read more...

Two more SMSF auditors disqualified for independence breaches

ASIC has disqualified two more SMSF auditors for breaching the auditor independence requirements.

ASIC announced that it has disqualified John Tretola of South Australia and Robert Newham of the ACT from being approved SMSF auditors. These disqualifications were announced on the same day but appear unconnected.

The regulator said John Tretola was disqualified for breaching the independence requirements in APES 110 Code of Ethics for Professional Accountants  – by auditing his own fund and a fund of which he was the trustee – and failing to identify and report contraventions of the SIS Act. Read more...

Independence breaches lead to another SMSF auditor disqualification

Breaches of independence requirements has led to another SMSF auditor being disqualified by ASIC.

ASIC announced that it has disqualified Lindsay Malcolm Wells of Victoria from being an approved SMSF auditor.

“ASIC found that Mr Wells had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund, the fund of an immediate family member and a fund where he was the trustee,” said the regulator in a statement.

Independence issues, in particular auditors auditing their own fund or the SMSF of relatives, have been raised in a number of recent SMSF auditor disqualifications by ASIC. Read more...

Another SMSF auditor disqualified for auditing own fund

ASIC has disqualified another SMSF auditor for breaches of the “fundamental” independence requirements, including auditing their own fund.

ASIC announced that it has disqualified Robert Mark Taylor of NSW from being an approved SMSF auditor.

“ASIC found that Mr Taylor had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund, the fund of his close family member and a fund where he was a director of the corporate trustee,” says the announcement. Read more...

ASIC disqualifies yet another SMSF auditor for auditing funds of family

ASIC has disqualified yet another SMSF auditor, the fourth in recent months, this time for independence breaches by auditing the funds of family members.

ASIC announced that it has disqualified Kathleen Whittle of New South Wales from being an approved SMSF auditor. ASIC says it determined that Ms Whittle had breached the “fundamental independence requirements and that, given the nature of these breaches, a disqualification was appropriate”.

The regulator said it had found Ms Whittle had breached the auditor independence requirements contained in APES 110 Code of Ethics for Professional Accountants, by auditing the SMSFs of her “immediate and close” family members. Read more...

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. Read more...