ASIC planning to appeal AAT decision on SMSF auditor registration
Following a decision by the Administrative Appeals Tribunal to overturn the disqualification of an SMSF auditor in August, ASIC has filed an application to appeal the AAT decision to the Federal Court.
In August, SMSF Adviser reported that the Administrative Appeals Tribunal of Australia has set aside a decision by ASIC to disqualify an SMSF auditor.
ASIC issued the disqualification on 15 August 2018, with the auditor applying to the AAT for a review of the decision by ASIC to disqualify him on 15 October 2018.
The AAT found that while the SMSF auditor had misinterpreted some of the rules relating to SMSF auditor independence, it did not accept ASIC’s determination that the auditor had deliberately ignored the relevant rules or “manifested ignorance of those rules”.
The tribunal did not consider the applicant to pose any risk to the public by resuming his practice as an auditor or the integrity of the SMSF system.
In a public announcement, ASIC stated that the SMSF auditor has now had their registration as an approved SMSF auditor reinstated.
ASIC also stated that on 1 September, it had filed an application to appeal the AAT decision to the Federal Court.