SMSF auditor disqualified

The corporate regulator has disqualified Neil Wilson from being an approved self-managed superannuation fund (SMSF) auditor after he had breached fundamental independence and audit requirements.

The Australian Securities and Investments Commission (ASIC) found Wilson had breached:

  • Auditor independence requirements of APES 110 Code of Ethics for Professional Accountants where he audited a fund of which he was a member; and
  • Audit documentation 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”.

Wilson was referred to ASIC by the Australian Taxation Office (ATO) under section 128P of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).

Related Content

MyRetirement needs favourable social security settings

The social security settings for the comprehensive income products for retirement (CIPRs) or MyRetirement framework needs to be attractive enough to b...more

SG needs recalibration

The superannuation guarantee (SG) needs to be recalibrated to include low income Australians and meet their needs, according to the Association of Sup...more

ASFA blasts adequacy of CIPR framework

The Federal Government has been told that its comprehensive income products in retirement (CIPR) framework falls short of what is necessary to achieve...more



Add new comment