Two SMSF auditors disqualified by ASIC
The corporate regulator has disqualified two SMSF auditors after finding they had breached independence requirements.
South Australian John Tretola has been disqualified from being an approved SMSF auditor after ASIC found that he had breached independence requirements by auditing his own fund and a fund where he was a trustee.
Mr Tretola was also found to have failed to identify and report contraventions of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).
ASIC also disqualified Robert Newham of ACT for breaching auditor independence requirements by auditing his own fund and auditing funds where his staff had prepared the financial statements.
The corporate regulator noted that Mr Newham has also failed to comply with his continuing professional development requirements.
Information about Mr Tretola and Mr Newham were referred to ASIC by the ATO under section 128P of the SIS Act.
“SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical standards and other requirements,” said ASIC commissioner John Price.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”
The disqualifications follow ASIC’s continued focus on auditor independence and comes after a Victorian man was disqualified late last month.