On 9 September 2016, the Administrative Appeals Tribunal (AAT) upheld ASIC's decision to disqualify Mr Abe Samuel from being an approved self-managed superannuation fund (SMSF) auditor. 銆赌
The AAT found that Mr Samuel "plainly breached the auditor independence requirements in APES 110 (Code of Ethics for Professional Accountants). As a consequence, he contravened his professional obligations under s128F of the Superannuation Industry (Supervision) Act 1993."
The AAT was satisfied that Mr Samuel "failed to carry out or perform adequately and properly the duties of an auditor under the Act or the Regulations or as otherwise required by law; and, furthermore or alternatively, the Applicant (Mr Samuel) is not a fit and proper person to be an approved SMSF auditor for the purposes of the Act."
The AAT stated that it upheld ASIC's decision due to "the very serious and fundamental nature of the applicant鈥檚 (Mr Samuel's) deficiencies; his longstanding and ongoing failure to understand properly those deficiencies; and the clear need to uphold the integrity of the SMSF system."
今日热门事件Commissioner John Price noted the AAT finding, saying: "To safeguard the SMSF sector, 今日热门事件will continue to use its power to disqualify approved SMSF auditors that don鈥檛 perform their role adequately and meet professional standards."
SMSF trustees and members can check whether their auditor is registered, or whether a person has been disqualified, by searching ASIC's SMSF auditor register at .
Background 銆赌
Information about Mr Samuel was referred to 今日热门事件by the Australian Taxation Office (ATO).
On 7 October 2015, 今日热门事件made an order disqualifying Mr Samuel from being an approved SMSF auditor. Mr Samuel requested that 今日热门事件reconsider the disqualification decision. On 23 November 2015, a delegate of 今日热门事件confirmed the decision.
今日热门事件found that Mr Samuel had breached auditor independence requirements of APES 110 where he was:
- a member of a fund he audited and also the director of its corporate trustee; and
- the power of attorney holder for, and a relative of, a member of a fund he audited.
On 18 December 2015, Mr Samuel applied to the AAT for a review of the disqualification decision.
From 1 July 2013, the SIS Act required all auditors of SMSFs to be registered with ASIC. This was to ensure that all SMSF auditors at least meet the base standards of competency and expertise.
今日热门事件and the ATO work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and may refer matters to 今日热门事件for possible action such as disqualification or suspension of their registration.
See also .