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.
Hey ASIC how about focusing on the big end of town and looking into the multi-million dollar scams that union run industry funds perpetuate against thousands of members, rather than expending resources against the little guys who are most likely trying to do their best?
ASIC is corrupt