New South Wales-based self-managed superannuation fund (SMSF) auditor, Kathleen Whittle has been disqualified by the Australian Securities and Investments Commission (ASIC) after breaching auditor independence requirements.
ASIC found that Whittle breached the auditor independence requirements of APES 110 Code of Ethics by performing audit duties for immediate family and friends.
Commenting on Whittle’s disqualification, ASIC commissioner, John Price said: “ASIC will continue to take action where the conduct of SMSF auditors is inadequate".
“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," he said.
Information which pertained to Whittle’s conduct was referred to ASIC by the Australian Taxation Office (ATO).
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
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