ASIC said it determined that Mr Dermody is not a fit and proper person to act as an approved SMSF auditor because he signed independent auditor's reports and auditor independence declarations for two companies for the years ended 30 June 2013 and 2014 when he was not a registered company auditor under the Corporations Act 2001.

“Auditors are important gatekeepers who play a crucial role in the SMSF sector. SMSF auditors must maintain high standards or ASIC will hold them to account,” said ASIC commissioner John Price.

This is the third SMSF auditor disqualification ASIC has announced this week.

On Monday, ASIC announced the disqualification of Manoj Abichandani. Yesterday, the regulator announced the disqualification of Abe Samuel. Both are NSW-based.