Australian regulator ASIC has just announced that it has disqualified Keith Mar of NSW from being an approved self-managed superannuation fund (SMSF) auditor for breaching independence requirements.
ASIC found that Mr Mar had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund, the fund of an immediate family member and a fund where he was the trustee and where his immediate family member was a trustee.
John Price, ASIC
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.
SMSF trustees and members can check whether their auditor is registered, or whether a person has been disqualified, by searching ASIC’s SMSF auditor register at connectonline.asic.gov.au.