The Australian Securities and Investments Commission (ASIC) has banned a New South Wales-based practitioner from being an SMSF auditor after he was found to have breached the independence requirement by which he was bound.
The corporate regulator found Keith Mar had audited his own SMSF and the fund of an immediate family member, as well as a fund of which both he and an immediate family member were trustees.
ASIC defined these actions as breaches of the auditor independence obligations stipulated for SMSF auditors in APES 110 Code of Ethics for Professional Accountants.
“SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical standards,” ASIC commissioner John Price said.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”
The ASIC investigation into Mar’s activities resulted from an ATO referral under section 128P of the Superannuation Industry (Supervision) Act 1993.
