Ross Russo of NSW has been disqualified as an approved SMSF auditor after ASIC found that Mr Russo has breached auditor independence requirements of the APES 110 Code of Ethics for professional accountants, where he audited the fund of a close family member. He also breached evidence requirements under Australian auditing standards.
Information about Mr Russo was referred to ASIC by the 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.
Mr Russo worked for Fudician – a listed ASX company – providing accounting and auditing services to their SMSF clients. It has to be highlighted that APES 110 applies to firms who do not have a separate audit division and bad quality audit working paperwork will result in further disqualifications.