POWERED BY MOMENTUM MEDIA
ASIC adds conditions to two SMSF auditors' registrations
The Australian Securities and Investments Commission (ASIC) has added conditions to the registration of two auditors of self-managed superannuation funds (SMSFs), William Krammer and Yuk Wong.
Kramer, of Victoria, had conditions imposed for auditor independence breaches and audit quality deficiencies, including not obtaining engagement letters, trustee representation letters and sufficient appropriate audit evidence to support the ownership and market value of assets.
He would be required to:
- Take additional training on SMSF audits and ethics;
- Sit and pass the SMSF auditor competency exam;
- Certify his independence to ASIC periodically;
- Have three SMSF audits reviewed by an ASIC approved independent quality reviewer; and
- Advise his professional body of the conditions.
Wong, of NSW, had conditions imposed for auditor independence breaches and audit quality deficiencies including not obtaining engagement letters, trustee representation letters, and sufficient appropriate audit evidence in relation to trust deeds, investment strategies, asset ownership and valuations, borrowing arrangements, rental income and related parties.
He would be required to:
- Complete additional training and on SMSF audits and ethics;
- Sit and pass the SMSF auditor competency exam;
- Provide evidence of his compliance with continuing professional development requirements;
- Review and revise tools and templates used to perform and documents SMSF audits; and
- Advise his professional body of the conditions.
If any of these conditions were breached, ASIC may disqualify or suspend their registration as an SMSF auditor.
Recommended for you
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
ASIC has sentenced former director Mudasir Mohammed Naseeruddin over four years imprisonment for ‘egregious conduct’ and dishonestly obtaining client funds from six investors’ SMSF accounts.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment