ASIC takes action against SMSF auditors

ASIC has taken action against several of SMSF auditors after concerns about their failure to meet requirements, including independence and auditing standards, failing to comply with continuing professional development (CPD) requirements and otherwise not being fit and proper persons.

ASIC disqualified Philip Shugg of VIC for not being a fit and proper person as he was bankrupt, which Greg Marlow of NT was suspended for one year and had conditions imposed on him for significant auditing deficiencies, including issuing an audit report in an incorrect form and failing to obtain signed financial statements.

ASIC also imposed conditions on John Redenbach, Lenneke Serjeant and Darren Tappouras of NSW, and Angelo Covelli of VIC – mainly for deficiencies in maintaining auditor independence and audit work.