Dennis Beed

Member’s name: Mr Dennis Beed CPA
Date of Hearing: 15 July 2021
Division: Victoria
Tribunal: Disciplinary Tribunal

On 15 July 2021 the Disciplinary Tribunal found Mr Dennis Beed breached CPA Australia’s 14 May 2019 Constitution:

1. Article 39(a)(ii)(C) in that he, “failed to observe a proper standard of professional care, skill or competence” by causing a 2019 Annual Return for a client’s self-managed super fund to be lodged without the consent of one director of the trustee company where that director had raised non-compliance concerns.
2. Article 39(a)(ii)(A) in that he, “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” by failing to comply with sections 100, 112, 113, 210, 220 and 290 of the Accounting Professional & Ethical Standards 110 Code of Ethics for Professional Accountants (APES 110), a Code of Professional Conduct, as amended, and section 3 of Accounting Professional & Ethical Standards 210 Conformity with Auditing and Assurance Standards (APES 210), an Applicable Regulation, as amended, by failing to exercise independence as an auditor by auditing the financial records of a client’s self-managed super fund that were prepared by staff of your firm and lodging the Annual Returns for the self-managed super fund under your tax agent registration number.

Mr Beed attended the Disciplinary Tribunal Hearing and denied the Complaints.

Penalty and Costs:

The Disciplinary Tribunal found the Complaints sustained and imposed the following penalties:

Complaint 1:

• a severe reprimand
• successfully complete a compliant Quality Review or its equivalent within 12 months or such time as allowed by the General Manager Professional Conduct (GMPC) of CPA Australia.

Complaint 2:

• a severe reprimand
• successfully complete the following courses (or their equivalent as approved by the GMPC), within 12 months or such time as allowed by the GMPC, otherwise automatic forfeiture of membership to result:
  • Applying Auditing Standards
  • Advanced SMSF Financial Statements & Compliance Audit Workshop; and
  • Audit of SMSF.

The Member was ordered to pay CPA Australia’s costs of $2,943.72.