The corporate regulator has disqualified Ross Russo from being an approved self-managed superannuation fund (SMSF) auditor after he was found to have breached fundamental independence and audit requirements.
The Australian Securities and Investments Commission (ASIC) was referred to Russo from the Australian Taxation Office (ATO) under section 128P of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).
ASIC found that Russo had breached:
- Auditor independence requirements of APES 110 Code of Ethics for Professional Accountants, where he audited the fund of a close family member; and
- Audit evidence requirements of Australian auditing standards.
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 and professional standards”.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” he said.