The corporate watchdog has disqualified John Evennett from being an approved self-managed superannuation fund (SMSF) auditor after he breached fundamental independence and audit requirements.
The Australian Securities and Investments Commission (ASIC) found the New South Wales auditor had breached:
- Auditor independence requirements of APES 110 Code of Ethics for Professional Accountants, where he audited the fund of his immediate family member; and
- Audit evidence requirements of Australian auditing standards.
ASIC commissioner John Price said: “SMSF auditors are fundamentally important in promoting confidence in the SMSF sector”.
“It is crucial that auditors adhere to ethical and professional standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” Price said.
Evennett was referred to ASIC by the Australian Taxation Office (ATO) under section 128P of the Superannuation Industry (Supervision) Act 1993 (the SIS Act).