POWERED BY MOMENTUM MEDIA
(June-2004) Perth auditor banned from acting for super funds
The Australian Prudential Regulation Authority (APRA) has announced the disqualification of a Perth-based auditor from acting as an approved auditor of superannuation entities regulated under the Superannuation Industry (Supervision) Act 1993.
APRA says that Kelvin Roehr, the auditor of the Strategic Capital Superannuation Fund for the 2000-01 financial year has failed to adequately and properly conduct the fund’s audit under the SIS Act.
APRA also found that Roehr was not qualified to act as an approved auditor at that time and was in breach of the Act by purporting to be an approved auditor when he was not qualified to undertake that role.
APRA deputy chairman Ross Jones says that given the nature and seriousness of the breach, Roehr has also been disqualified from acting as a trustee, investment manager or custodian of a regulated superannuation entity or as a responsible officer of a superannuation trustee, investment manager or custodian under the SIS Act, with effect from May 5, 2004.
He says the disqualification results from a formal investigation by APRA into the fund’s affairs that began in April last year, and which was based on concerns that the then trustee may have placed the fund in an unsatisfactory financial position.
As a result of the investigation, the trustee was subsequently removed and a company from the Deloittes accountancy group was appointed trustee to reconstruct the accounts and secure the remaining assets.
AUTHOR
Mike Taylor
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