SMSF auditor disqualified over evidence requirements
ASIC has disqualified an SMSF auditor after it was found he had failed to comply with audit evidence requirements and did not respond appropriately to inquiries from ASIC and the ATO.
Chiu Man of NSW has been disqualified from being an approved SMSF auditor after ASIC found that Mr Man had “breached fundamental audit requirements and was otherwise not a fit and proper person”.
ASIC found that Mr Man had not complied with audit evidence requirements of Australian auditing standards and had not appropriately responded to inquiries from the ATO and ASIC.
Information about Mr Man was referred to ASIC by the Australian Taxation Office (ATO) under section 128P of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).
ASIC commissioner John Price said 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.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” said Mr Price.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.