ASIC, Auditing

ASIC disqualifies two SMSF auditors

The Australian Securities and Investments Commission (ASIC) has disqualified two Queensland SMSF auditors for breaching independence requirements.

ASIC found John Gilliland and Douglas Coghlan had separately breached auditor independence requirements by auditing their own funds, the fund of an immediate family member and the fund of a close family member.

Information about both auditors was referred to ASIC by the ATO under section 128P of the Superannuation Industry (Supervision) (SIS) Act 1993.

“Self-managed superannuation fund auditors play a fundamental role in promoting confidence in the sector. ASIC will continue to take action to ensure auditors adhere to ethical standards,” ASIC Commissioner John Price said.

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

The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action, such as disqualification or suspension of registration.

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