Post: ASIC disqualifies SMSF auditor for breaching independence and auditing standards

SIC 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.

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