The Australian Securities and Investments Commission (ASIC) has disqualified Oscar Altavilla, of Victoria, from being an approved auditor of SMSFs for breaching independence and auditing standards, and otherwise not being a fit and proper person.
The corporate regulator found Altavilla had breached the auditor independence requirements in auditing his business partner’s fund.
He also had not obtained sufficient appropriate audit evidence that an SMSF’s assets were recorded at the required market values and were properly held in the name of the fund.
Lastly, it was found he was otherwise not a fit and proper person because he made false representations in annual returns for his own SMSF, stating the fund had been audited when it had not.
“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 today.
“ASIC will continue to take action where the conduct of auditors is inadequate.”
Information about Altavilla was referred to ASIC by the ATO under section 128P of the Superannuation Industry (Supervision) (SIS) Act.
From 1 July 2013, the SIS Act has required all auditors of SMSFs to be registered with the corporate regulator to ensure they meet the base standards of competency and expertise.