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Two SMSF auditors disqualified

Tuesday 10 April 2018

Two auditors from the self-managed superannuation fund (SMSF) industry have been disqualified for breaches.

Robert Newham, from the Australian Capital Territory (ACT), was disqualified for breaching independence and professional development requirements, and John Tretola, from South Australia (SA), has also been disqualified for breaching independence requirements, and for contravening legislated reporting requirements.

“SMSF auditors play a fundamental role in promoting confidence in the SMSF sector, so it is crucial they adhere to ethical standards and other requirements. ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” said ASIC Commissioner John Price.
According to ASIC, Newham was found to have breached independence requirement APES 110 Code of Ethics for professional accountants. Newham not only audited his own fund but also audited the statements prepared by his staff.

The financial services regulator disqualified Tretola for breaches of the same code and for failing to ‘identify and report contraventions’ in accordance with the Superannuation Industry (Supervision) Act 1993.

“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,” the regulator said, in their official statement.