Ryan Wealth Holdings Pty Ltd v Baumgartner [2018] NSWSC 1502

Supreme Court New South Wales

Medium Neutral Citation: Ryan Wealth Holdings Pty Ltd v Baumgartner [2018] NSWSC 1502 Hearing dates: 28-31 August; 12 October 2017 Date of orders: 08 October 2018 Decision date: 08 October 2018 Jurisdiction: Common Law Before: Walton J Decision: The Court makes the following directions:

(1) The plaintiff shall file and serve within 14 days of the date of this judgment short minutes of order reflecting this judgment.

(2) The plaintiff shall file and serve within 28 days of this judgment a submission as to any disputed questions as to the short minutes of order, interest and costs together with the terms of any orders proposed with respect to costs.

(3) The defendants shall file and serve a submission in reply as to any disputed questions as to the short minutes of order, interest and costs together with the terms of any proposed orders in that respect, within 14 days after being served with the submissions in (2) above. Catchwords: AUDIT of a self-managed superannuation fund – Superannuation Industry (Supervision) Act 1993 (SIS Act) – auditing standards framework – construction of audit contracts – parties to the audit contracts

EVIDENCE – expert witness – weight attached to expert opinion

BREACH OF DUTY AND CONTRACT– admitted breach of contract and duty – non-admitted breaches of contract and duty – failure to enquire into and report on compliance with investment strategy – reg 4.09 – failure to bring serious misdescriptions, misstatements and other factors (including conflict of interest of accountant) to the plaintiff's attention – failure to form and express certain opinions – failure to exercise reasonable care and skill – the defendants breached retainers and common law duties owed to the plaintiff