ASIC has disqualified Chiu Man of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor.

ASIC found that Mr Man had breached fundamental audit requirements and was otherwise not a fit and proper person.

In particular, ASIC found that Mr Man had:

• not complied with audit evidence requirements of Australian auditing standards.
• not appropriately responded to inquiries from the Australian Taxation Office (ATO) and ASIC. 　

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.'

SMSF trustees and members can check whether their auditor is registered, or whether a person has been disqualified, by searching ASIC's SMSF auditor register at connectonline.asic.gov.au

Background

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

From 1 July 2013, the SIS Act required all auditors of SMSFs to be registered with ASIC. This was to ensure that all SMSF auditors meet the base standards of competency and expertise.

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.