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ASIC disqualifies two SMSF auditors

The Australian Securities and Investments Commission (ASIC) has disqualified Robert Newham of the Australian Capital Territory from being an approved SMSF auditor for breaching independence requirements and professional development obligations.

ASIC found Newham breached the auditor independence requirements of “APES 110: Code of Ethics for Professional Accountants” in that he audited his own fund and audited funds where his staff had prepared the financial statements.

He also failed to comply with his continuing professional development requirements.

The corporate regulator also disqualified John Tretola of South Australia from being an approved SMSF auditor for breaching independence requirements and not reporting legislative contraventions.

The regulator found Tretola had breached the auditor independence requirements of APES 110 by auditing his own fund and a fund where he was the trustee.

He also failed to identify and report contraventions of the Superannuation Industry (Supervision) Act.

“SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical standards and other requirements,” ASIC commissioner John Price said today.

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

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