SMSF auditor disqualified by ASIC
New South Wales-based self-managed superannuation fund (SMSF) auditor, Kathleen Whittle has been disqualified by the Australian Securities and Investments Commission (ASIC) after breaching auditor independence requirements.
ASIC found that Whittle breached the auditor independence requirements of APES 110 Code of Ethics by performing audit duties for immediate family and friends.
Commenting on Whittle’s disqualification, ASIC commissioner, John Price said: “ASIC will continue to take action where the conduct of SMSF auditors is inadequate.
“SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical and professional standards.”
Information which pertained to Whittle’s conduct was referred to ASIC by the Australian Taxation Office (ATO).
AUTHOR
Hope William-Smith
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
