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The corporate regulator has disqualified an approved auditor of self-managed superannuation funds (SMSFs) from Western Australia for breaching independence requirements.
Paul Tattersall of Western Australia had breached the auditor-independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund and the fund of an immediate family member, ASIC said in a statement.
Mr Tattersall also audited a fund where an immediate family member had prepared the financial statements.
“SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical standards,” said ASIC commissioner John Price.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”
Mr Tattersall was referred to ASIC by the ATO under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Since 1 July 2013, the SIS Act requires all SMSF auditors of SMSFs to be registered with ASIC to ensure they all meet the base standards of competency and expertise, ASIC said.