Self-auditing SMSF auditor disqualified
A self-managed superannuation fund (SMSF) auditor who audited a fund of which he was a member and the trustee has been disqualified as an SMSF auditor by the corporate regulator.
The Australian Securities and Investments Commission (ASIC) determined that Pierre Jarjoura of New South Wales had breached independence and audit requirements and was not a fit and proper person to be an approved SMSF auditor.
ASIC found that Jarjoura had breached:
- Auditor independence requirements of APES 110 Code of Ethics for Professional Accountants, where he audited a fund of which he was a member and the trustee; and
- Requirements of Australian auditing standards to adopt appropriate procedures for properly maintaining audit documentation.
ASIC commissioner, John Price, said SMSF auditors played a fundamental role in promoting confidence in the SMSF sector.
"…so it is crucial that they adhere to ethical and professional standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate," Price said.
ASIC and the Australian Taxation Office work closely together as co-regulators of SMSF auditors.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
