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ASIC disqualifies Victorian SMSF auditor

The Australian Securities and Investments Commission (ASIC) has disqualified a Victorian auditor from being an approved SMSF auditor for breaching independence requirements.

The corporate watchdog found Lindsay Malcolm Wells had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund, the fund of an immediate family member and a fund where he was the trustee.

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 standards.

“ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”

The ATO referred Wells to ASIC under section 128P of the Superannuation Industry (Supervision) (SIS) Act 1993.

From 1 July 2013, the SIS Act has required all SMSF auditors to be registered with ASIC to ensure they meet base standards of competency and expertise.

SMSF trustees and members can check whether their auditor is registered or whether a person has been disqualified by searching ASIC’s SMSF auditor register.

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