The corporate regulator also found Keith Mar of NSW audited a fund where he was the trustee and an immediate family member was the trustee.
These actions are a clear breach of auditor independence requirements, as outlined in the APES 110 Code of Ethics.
The ATO raised the breach with ASIC, as per the allowances of the SIS Act.
Prior to his disqualification, Mr Mar was practising under Sunnyside Accountants in Sydney’s north.
So far this year, ASIC has been active in publicising its auditor SMSF disqualifications, and independence breaches have been of particular interest.
For example, ASIC recently issued a public statement about banning two SMSF auditors on the basis of independence conflicts.
The ongoing public approach from ASIC is a clear warning shot to the SMSF auditor community, which has been higher on the regulator radar since auditor registration was introduced in 2013.
For example, earlier this year, the ATO said it will be visiting 300 SMSF audit firms in 2018, in a bid to seek assurance on key compliance requisites, including independence.
katarina.taurian@momentummedia.com.au
This is stupidity and being dumb on an industrial scale. It is beyond belief that anyone would even contemplate such a stunt. But we need to ask: why didn’t this fund engage an independent auditor? The damage done, by this one act of stupidity, is immeasurable to the rest of the profession.