ASIC has disqualified an SMSF auditor after finding he had breached his independence requirements and that he was not a fit and proper person to be an approved SMSF auditor.
ASIC announced this morning it found that NSW-based Abe Samuel had breached auditor independence requirements of 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.
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,” he said.
This is the second disqualification ASIC has announced this week.
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