ASIC maintains scrutiny of SMSF auditors

10 April 2018
| By Nicholas Grove |
image
image
expand image

The Australian Securities & Investments Commission (ASIC) has disqualified two self-managed super fund (SMSF) auditors for a failure to report legislative contraventions and breaches of various requirements.

Information about the two individuals - John Tretola of South Australia and Robert Newham of the Australian Capital Territory - was referred to ASIC by the Australian Taxation Office (ATO).

ASIC and the ATO worked closely together as co-regulators of SMSF auditors, and under the Superannuation Industry (Supervision) Act 1993 (the SIS Act), all SMSF auditors were required to be registered with ASIC to ensure they all meet base standards of competency and expertise.

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

ASIC said it found Mr Tretola had breached auditor independence requirements in that he audited his own fund and a fund where he was the trustee.

Mr Tretola also failed to identify and report contraventions of the SIS Act, the regulator said.

Meanwhile, ASIC found that Mr Newham had also breached requirements in that he also audited his own fund was well as funds where his staff had prepared the financial statements.

Mr Newham also failed to comply with his continuing professional development requirements, ASIC said.

“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.

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

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 9 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 9 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 10 hours ago