The Australian Securities and Investments Commission has sent a reminder to trustees of self-managed superannuation funds that they must use registered and independent auditors to audit their funds.
ASIC disqualified an SMSF auditor after finding that he breached independence requirements.
The auditor, Neil Wilson of Victoria, audited a fund of which he was a member, which is a breach of auditor independence requirements.
Wilson also breached documentation requirements.
Since 2013, the superannuation rules have required that all SMSF auditors be registered with ASIC.
The regulator says trustees and members should check whether their auditor is registered by searching its SMSF auditor register.
ASIC commissioner John Price says: “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.”