ob体育 has disqualified Keith Mar of NSW from being an approved self-managed superannuation fund (SMSF) auditor for breaching independence requirements.
ob体育 found that Mr Mar had breached the auditor independence requirements of APES 110 Code of Ethics for Professional Accountants in auditing his own fund, the fund of an immediate family member and a fund where he was the trustee and where his immediate family member was a trustee.
ob体育 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 standards. ob体育 will continue to take action where the conduct of SMSF auditors is inadequate.'
SMSF trustees and members can check whether their auditor is registered, or whether a person has been disqualified, by searching ob体育's SMSF auditor register at
Background
Information about Mr Mar was referred to ob体育 by the Australian Taxation Office (ATO) under section 128P of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).
From 1 July 2013, the SIS Act required all auditors of SMSFs to be registered with ob体育. This was to ensure that all SMSF auditors meet the base standards of competency and expertise.
ob体育 and the ATO work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and may refer matters to ob体育 for possible action such as disqualification or suspension of their registration.