Independence clampdown claims another SMSF auditor
ASIC has disqualified another SMSF auditor for breaching independence requirements by auditing his business partner’s fund.
Oscar Altavilla of Victoria has been disqualified from being an approved SMSF auditor for breaching independence and auditing standards and otherwise not being a fit and proper person.
In a public statement, ASIC stated that Mr Altavilla had breached the auditor independence requirements in auditing his business partner’s fund.
ASIC also found that Mr Altavilla had not obtained sufficient appropriate audit evidence that an SMSF’s assets were recorded at the required market values and were properly held in the name of the fund.
According to ASIC, he also made false representations in annual returns for his own SMSF, stating that the fund had been audited when it had not been.
Information about Mr Altavilla was referred to ASIC by the ATO under section 128P of the SIS Act.
This follows the disqualification of two Queensland SMSF auditors for independence breaches, announced by ASIC earlier this week.
John Gilliland and Douglas Coghlan were disqualified as SMSF auditors after an ASIC investigation found they had audited their own funds, the fund of an immediate family and the fund of a close family member.
Miranda Brownlee
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 also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
