ASIC moves on SMSF auditors
The Australian Securities and Investments Commission (ASIC) has disqualified two self-managed superannuation fund auditors and imposed conditions on the operations of another.
The regulator announced that it had disqualified Darryl Iseppi of Queensland for significant auditor independent breaches and deficiencies and Alan Bentwitch of NSW for failing to comply with a condition to have peer reviews of three of his audits in line with a condition imposed following a referral from the Australian Taxation Office (ATO).
ASIC said that it had also imposed conditions of Richard Hennessy of NSW for deficiencies in maintaining auditor independence and in audit work, including auditing the ownership and valuation of fund assets and ensuring compliance with legislative borrowing requirements.
The regulator said that information about the three auditors had been referred to ASIC by the ATO.
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.
