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.
Great to see some action taking place to keep it a level playing field