Auditor hit with ASIC ban after numerous breaches

ASIC announced yesterday it has disqualified Pierre Jarjoura of Parramatta from being an approved SMSF auditor.

ASIC determined that Mr Jarjoura had breached independence and audit requirements and was not a fit and proper person to be an approved SMSF auditor.

ASIC found that Mr Jarjoura had breached the auditor independence requirements of the APES 110 Code of Ethics for Professional Accountants, when he audited a fund of which he was a member and the trustee.

The corporate regulator also found he had breached requirements of Australian auditing standards to adopt appropriate procedures for properly maintaining audit documentation.

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

ASIC commissioner John Price said SMSF auditors play a fundamental role in promoting confidence in the SMSF sector, so it is crucial they adhere to ethical and professional standards.

“ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” Mr Price said.