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Compliance & Regulation

ASIC bans SMSF auditor

Pierre Jarjoura has been disqualified from being an approved SMSF auditor following an Australian Securities and Investments Commission (ASIC) investigation into his activities.

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

Specifically, the corporate watchdog found he had audited a fund in which he was a member, constituting a breach of his independence obligations under Accounting Professional and Ethical Standard 110 Code of Ethics for Professional Accountants.

He was also found not to have properly maintained audit documentation as is mandatory under the Australian auditing standards.

“SMSF auditors play a fundamental role in promoting confidence in the SMSF sector so it is crucial that they adhere to ethical and professional standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate,” ASIC commissioner John Price said.

The enforcement action comes as a result of the change to the Superannuation Industry (Supervision) Act 1993 that dictated all SMSF auditors had to be registered with ASIC and as a result meet the base standards of competency and expertise.

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