ASIC disqualifies SMSF auditor
The Australian Securities and Investments Commission (ASIC) has disqualified Western Australia-based Paul Tattersall from being an approved self-managed superannuation fund (SMSF) auditor for breaching independence requirements.
An ASIC investigation found Tattersall had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund and that of an immediate family member.
Tattersall also audited a fund where an immediate family member had prepared the financial statements.
ASIC commissioner, John Price, said SMSF auditors play a fundamental role in promoting confidence in the SMSF sector, so it is crucial that they adhere to ethical standards.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” he said.
AUTHOR
Anastasia Santoreneos
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
