Member’s name: NAME NOT DISCLOSED
Date of Hearing: 30 November 2011
Division: South Australia
Tribunal: One Person Tribunal
On 30 November 2011 the One Person Tribunal found a Member breached:
- Clause 27(1 )(a) of the former Constitution in that the Member was "guilty of a breach of the Constitution, By-Laws, Code ofProfessional Conduct or Standards" in that the Member breached Section 290 of the Code of Ethics for Professional Accountants (APES 110) in failing to comply with its provisions as regards audit independence in that the Member audited a self managed superannuation fund (SMSF) of which the Member was also a director of the corporate trustee, beneficiary and Tax Agent for the financial year ended 30 June 2008.
- Article 39(a)(ii)A of the current Constitution in that the Member "breached this Constitution (or the constitution of the Company in force immediately before the Amending Date), By-Laws, Code of
Professional Conduct or the Applicable Regulations” in that the Member breached Section 290 of APES 110 in that the Member audited a SMSF of which the Member was also a director of the corporate trustee, beneficiary and Tax Agent for the financial years ended 30 June 2009 and 30 June 2010.
At the Hearing the Member admitted the Complaints.
Penalties and costs
The One Person Tribunal imposed the following penalty and costs:
- a severe reprimand
- that the Member pay CPA Australia’s costs of $602 within 30 days, a failure to pay to result in forfeiture of membership.
The Tribunal took into account "exceptional circumstances”, including that the Member undertook no other SMSF audits, now had the SMSF externally audited, and had given a voluntary undertaking to the Australian Taxation Office (ATO) to undertake no audits without the consent of the ATO and CPA Australia.
On that basis the Tribunal ordered publication of the outcome but that the Member not be named. However should the Member:
- fail to pay the costs of $602 within the period specified,
- breach the undertaking given to the ATO, or
- is referred to a Disciplinary Tribunal within the next two years for any disciplinary breach which is sustained,
then the Member's name will be published.