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ASIC has this morning announced it has disqualified an SMSF auditor after finding he failed to meet his independence obligations and that he was not a fit and proper person to be an approved SMSF auditor.
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Regulator disqualifies NSW auditor
02 December 2015
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7 minute read
ASIC announced it had found NSW-based Abe Samuel breached the auditor independence requirements of the APES 110 Code of Ethics for Professional Accountants where he was a member of a fund he audited and also the director of its corporate trustee.
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He was also the power of attorney holder for, and a relative of, a member of a fund he audited.
"It is critical that approved SMSF auditors perform their role adequately and meet professional standards to promote confidence in the SMSF sector,” said ASIC commissioner John Price.
“Compliance with the independence requirements is fundamental in fostering this confidence. ASIC will continue to follow up matters referred by the ATO concerning the quality of SMSF auditors."
This is the second disqualification ASIC has announced this week. Earlier, Manoj Abichandani was banned after ASIC determined that he had provided untruthful statements that were deliberately misleading and that he was not a fit and proper person to be an approved SMSF auditor.
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