ASIC has disqualified Nayanaka Arjuna Samarakoon of Victoria from being an approved self-managed superannuation fund (SMSF) auditor.

Mr Samarakoon has pleaded guilty to and been convicted of criminal offences and is serving a term of imprisonment for those offences. The offences included dealing with property reasonably suspected of being proceeds of crime and attempting to obtain a financial advantage by deception.  On this basis, ASIC determined that Mr Samarakoon was not fit and proper to be an SMSF auditor.

ASIC Commissioner John Price said, 'SMSF auditors play a fundamental role in promoting confidence in the SMSF sector.  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

All auditors of SMSFs are required to be registered with ASIC. The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action such as disqualification or suspension of their registration.