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Auditor gives undertaking
A superannuation fund auditor who issued unqualified audit reports has given an enforceable undertaking to the Australian Prudential Regulation Authority (APRA).
The regulator announced that the former auditor of the Western Truck Superannuation Fund, , had provided the undertaking after issuing unqualified audit reports across three financial years.
The Australian Securities and Investments Commission said West had issued the unqualified audit reports for the fund over those years when, in fact, the reports should have stated that the fund was in breach of the in-house asset provisions of the Superannuation Industry (Supervision) Act (SIS Act).
The in-house asset provisions of the SIS Act prohibit superannuation funds from investing more than 5 per cent of fund assets into an employer sponsor.
Under the terms of his enforceable undertaking, West is prevented from acting as an auditor for an APRA-regulated superannuation fund at any time in the future, and has agreed not to perform audits of self-managed superannuation funds without successfully completing acceptable training.
AUTHOR
Mike Taylor
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