ASIC disqualified Kate Campbell from being an approved SMSF auditor after she audited the funds of close family members and relatives. This is a breach of APES 110 Code of Ethics for Professional Accountants.
Further, Ms Campbell didn’t comply with the continuing professional development (CPD) requirements of the Superannuation Industry (Supervision) Act. Part of SMSF auditor registration, introduced in 2013, was setting base standards of competency and expertise.
Accountants should also note that the Tax Practitioners Board recently announced about 1,000 tax agents are set for a CPD audit this financial year.