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20 May 2004

The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Perth-based auditor, Mr Kelvin Roehr, from acting as an Approved Auditor of superannuation entities regulated under the Superannuation Industry (Supervision) Act 1993 (the SIS Act) with effect from 5 May 2004.
Mr Roehr was the auditor of the Strategic Capital Superannuation Fund (the Fund) for the 2000/2001 financial year.
APRA found that Mr Roehr failed to adequately and properly conduct the Fund’s 2000/2001 audit under the SIS Act. It also found that Mr Roehr was not qualified to act as an Approved Auditor at that time and was in breach of the Act by purporting to be an Approved Auditor when he was not qualified to undertake that role.
APRA Deputy Chairman, Mr Ross Jones said that given the nature and seriousness of the breach, Mr Roehr had also been disqualified from acting as trustee, investment manager or custodian of a regulated superannuation entity or as responsible officer of a superannuation trustee, investment manager or custodian under the SIS Act with effect 5 May 2004.
The disqualification is the result of a formal investigation by APRA into the Fund’s affairs that began in April 2003 and which was based on concerns that the then Trustee may have placed the Fund in an unsatisfactory financial position. As a result of the investigation, the Trustee was subsequently removed and a company from the Deloittes accounting group was appointed Acting Trustee to reconstruct the accounts and secure the remaining assets.
APRA’s investigation into the affairs of the Fund is continuing.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $1.7 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.