ASIC has disqualified an SMSF auditor for breaching independence requirements by auditing a fund he was a member of.
The corporate regulator determined that Neil Wilson, of Victoria, had breached fundamental independence and audit requirements set out in APES 110 Code of Ethics for professional accountants.
Mr Wilson audited a fund he was a member and breached audit documentation requirements of Australian auditing standards, ASIC said in a statement.
ASIC Commissioner John Price said SMSF auditors play a fundamental role in promoting confidence in the SMSF sector, and it is crucial that they adhere to ethical and professional standards.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” Mr Price said.
From 1 July 2013, the SIS Act required all auditors of SMSFs to be registered with ASIC to ensure that they met the base standards of competency and expertise.
SMSF trustees and members can check whether an auditor is registered, or whether a person has been disqualified, by searching ASIC’s SMSF auditor register online.
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