The SMSF Association is pleased that ASIC is actively policing the register of approved SMSF auditors as evidenced by the recent disqualification of an SMSF auditor under the SIS Act.
The regulator announced the disqualification of Mr Peter Brennan of Bangor, New South Wales, for failing “to obtain sufficient appropriate audit evidence about the funds compliance with the SIS Act”. He also failed to provide written reports to the funds.
The Association CEO/Managing Director Andrea Slattery says: “ASIC’s decision is to be applauded. We are pleased to see that the co-regulation of SMSF auditors by ASIC and the ATO is working to remove auditors that should not be on the register.
“The role of the auditor in the SMSF system is absolutely critical and it is essential that any professional undertaking this task is both qualified and competent. It is imperative that SMSF auditors are reporting contraventions to the ATO so that the integrity of the SMSF sector is maintained.
“Certainly from the Association’s perspective we have always recognized the importance of the auditing function, and to this end established the SSAud designation in 2008 so that consumers would know their SMSF auditor had all the necessary skills.
“Since the SSAud designation has been in place, all the evidence suggests that trustees that are seeking out the services of auditors armed with the Association’s accreditation have been duly rewarded in terms of the quality of the work.”
Slattery says that the Association urges ASIC to remain vigilant in this area. “With more than one million members and trustees, and over half a million funds, ensuring that the auditing process for SMSFs is being done by specialists is more important than ever.”
Source: SMSF Assocaition
