ASIC disqualifies, suspends a number of SMSF auditors

ASIC said on Wednesday it has acted to disqualify, suspend or add conditions to the registration of a number of auditors of self-managed superannuation funds (SMSFs).

by | Apr 22, 2020

The actions followed ASIC concerns about failures to meet independence and auditing standards, failure to comply with continuing professional development (CPD) requirements and otherwise not being a fit and proper person. 

ASIC said it has disqualified four SMSF auditors including Queensland-based Kent Hacker, and NSW-based Sofranios Vlahos, Stephen Sproats and Mark Higgins.

ASIC has also imposed one-year suspensions and conditions on two Western Australian auditors, Ronald Cuthbertson and Malcolm Heasman.

According to the regulator, both Mr Cuthbertson and Mr Heasman must undertake a peer review process for their audits, complete specific courses of studies, including in ethics and audit, and pass an SMSF competency exam.

Mr Heasman must also certify to ASIC that he has not conducted audits in specific circumstances related to independence, as well as review tools and templates to ensure they are up-to-date and complete.

Additionally, Mr Heasman is restricted from conducting any audits in independence threat situations regardless of any safeguards.

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