The corporate regulator has disqualified the self-managed super fund (SMSF) auditor registration of Gordon Shrubsole for breaching independence and auditing standards.
The Miranda, NSW resident was found to have lacked independence when he audited a close family member’s fund.
The Australian Securities and Investments Commission (ASIC) said he was deficient in planning audits, failed to obtain sufficient appropriate audit evidence to support the valuation of assets, and issued auditor reports that were not in the approved form.
“SMSF auditors are fundamental to the SMSF sector and must meet minimum standards of behaviour to ensure they act and are seen to act with integrity and objectivity,” ASIC said.
“Where SMSF auditors fail to meet the minimum standards of behaviour expected of them, ASIC will take action to protect the integrity of the SMSF sector.”
Shrubsole was referred to ASIC by the Australian Taxation Office (ATO) under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
He would be listed in the public register of disqualified SMSF auditors.