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The recent disqualification of an SMSF auditor shows ASIC and the ATO are working well together in regulating a critical area of the SMSF sector, says the SMSF Association.
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Auditor disqualification applauded
20 July 2015
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ASIC recently announced the disqualification of Peter Brenan for failing to “obtain sufficient appropriate audit evidence about [funds'] compliance with the SIS Act”. He also failed to provide written reports to the funds.
SMSF Association chief executive Andrea Slattery said she was pleased to see the co-regulation of SMSF auditors by ASIC and the ATO “working together to remove auditors that should not be on the register”.
“The role of the auditor in the SMSF system is absolutely critical and it is essential that any professional undertaking this task is both qualified and competent,” said Ms Slattery.
“It is imperative that SMSF auditors are reporting contraventions to the ATO so that the integrity of the SMSF sector is maintained.”
Ms Slattery said the SMSF Association is urging ASIC to remain vigilant in this area.
“With more than one million members and trustees, and over half a million funds, ensuring that the auditing process for SMSFs is being done by specialists is more important than ever,” she said.
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