POWERED BY MOMENTUM MEDIA
SMSF auditor disqualified
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.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
