Darryl Iseppi of Queensland and Alan Bentwitch of New South Wales have been disqualified from being SMSF auditors by ASIC.
ASIC disqualified Mr Iseppi for significant auditor independence breaches and deficiencies in auditing the acquisition of shares, borrowings, valuation of assets, compliance with in-house asset requirements and regarding a non-commutable life pension.
Mr Bentwitch was disqualified for failing to comply with a condition to have peer reviews of three of his audits. The condition was imposed following a past referral from the ATO.
The corporate regulator has also imposed conditions on Richard Henbessy of New South Wales for deficiencies in maintaining auditor independence and in audit work, including auditing the ownership and valuation of fund assets and ensuring compliance with legislative borrowing requirements.
The conditions imposed included having audits reviewed by another SMSF auditor, not auditing funds where there are independence threats irrespective of the safeguards, completing specified courses in ethics and auditing, and providing his professional association with a copy of the conditions.
All three auditors were reported to ASIC by the ATO under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
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Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.