ASIC disqualifies SMSF auditor

In a statement today, ASIC announced it disqualified Neil Wilson of Victoria from being an approved self-managed superannuation fund (SMSF) auditor.

ASIC found that Mr Wilson had breached auditor independence requirements of APES 110 Code of Ethics for Professional Accountants, where he audited a fund of which he was a member.

Mr Wilson also breached audit documentation requirements of Australian auditing standards.

ASIC commissioner John Price said, "SMSF auditors play a fundamental role in promoting confidence in the SMSF sector, so it is crucial that they adhere to ethical and professional standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate."

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