ASIC disqualifies SMSF auditor for breaching independence and auditing standards

ASIC has disqualified the self-managed superannuation fund (SMSF) auditor registration of Gordon Victor Shrubsole, of Miranda, New South Wales, for breaching independence and auditing standards.

Mr Shrubsole lacked independence when he audited a close family member’s fund. 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.

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.

Background

Information about Mr Shrubsole was referred to ASIC by the Australian Taxation Office under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

ASIC and the ATO work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action such as disqualification or suspension of their registration.

Mr Shrubsole is now listed in the public register of disqualified SMSF auditors.

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