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...

ASIC disqualifies another SMSF auditor for auditing fund of family member

ASIC has disqualified another SMSF auditor for auditing the fund of a family member.

This is the third SMSF auditor disqualified in recent months for auditing their own fund or the fund of close relation.

ASIC announced that it had disqualified John Evennett of New South Wales from being an approved SMSF auditor after determining that he had breached fundamental independence and audit requirements

ASIC says it found Mr Evennett had breached the auditor independence requirements contained in APES 110 Code of Ethics for Professional Accountants by auditing the fund of an immediate family member. The regulator also found he breached the audit evidence requirements of the Australian auditing standards. Read more...

ASIC disqualifies SMSF auditor for auditing fund of close family member

ASIC has disqualified a New South Wales man from being an approved SMSF Auditor, after finding that he breached the auditor independence and audit evidence requirements.

ASIC announced that it had disqualified Ross Russo from being an approved SMSF auditor.

“ASIC determined that Mr Russo had breached fundamental independence and audit requirements. Given the nature of these breaches, it was considered appropriate to disqualify Mr Russo,” said ASIC.

The regulator said it found Mr Russo had audited the fund of a close family member, breaching the auditor independence requirements in APES 110 Code of Ethics for Professional Accountants, and had breached the audit evidence requirements of the Australian auditing standards. Read more...

ASIC disqualifies SMSF auditor for auditing own fund

ASIC has disqualified a Victorian man from being an approved SMSF auditor, after finding breaches of independence and audit requirements.

ASIC announced that it has disqualified Neil Wilson from being an approved SMSF auditor. The regulator determined that he had breached “fundamental” independence and audit requirements and.

ASIC said that it had found Mr Wilson had breached:

  • Auditor independence requirements of APES 110 Code of Ethics for Professional Accountants, where he audited a fund of which he was a member.
  • Audit documentation requirements of Australian auditing standards

“Given the nature of these breaches, it was considered appropriate to disqualify Mr Wilson,” said ASIC. Read more...

AAT overturns ASIC disqualification of SMSF auditor

The Administrative Appeals Tribunal has overturned the disqualification of an SMSF auditor by ASIC.

Mr Taylor SC, Senior Member for the AAT, said in his decision that he was satisfied that “Mr [Manoj] Abichandani is a fit and proper person to be an approved SMSF auditor for the purposes of the Act” and did not make misleading statements to ASIC. As such the AAT set aside the ASIC decision and decided that Mr Abichandani is not disqualified from being an approved SMSF auditor – he has been reinstated. Read more...