SMSF auditor disqualified
The corporate regulator has disqualified the self-managed super fund (SMSF) auditor registration of Gordon Shrubsole for breaching independence and auditing standards.
The Miranda, NSW, resident was found to have lacked independence when he audited a close family member’s fund.
The Australian Securities and Investments Commission (ASIC) said he was deficient in planning audits, failed to obtain sufficient appropriate audit evidence to support the valuation of assets, and issued auditor reports that were not in the approved form.
“SMSF auditors are fundamental to the SMSF sector and must meet minimum standards of behaviour to ensure they act and are seen to act with integrity and objectivity,” ASIC said.
“Where SMSF auditors fail to meet the minimum standards of behaviour expected of them, ASIC will take action to protect the integrity of the SMSF sector.”
Shrubsole was referred to ASIC by the Australian Taxation Office (ATO) under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
He would be listed in the public register of disqualified SMSF auditors.
AUTHOR
Chris Dastoor
Recommended for you
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.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
