POWERED BY MOMENTUM MEDIA
ASIC acts against eight SMSF auditors
The Australian Securities and Investments Commission (ASIC) has said it acted against eight self-managed superannuation fund (SMSF) auditors between March and June 2022.
ASIC deregistered five of the auditors and imposed additional conditions on the registration of three others, seven of which were referred and the remaining auditor was identified by ASIC.
These actions resulted from breaches of obligations including auditing and assurance standards, independence requirements, and registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered.
ASIC’s action followed its decision in May to cancel the registrations of 10 other SMSF auditors who failed to lodge their annual statements.
ASIC commissioner, Sean Hughes, said: “ASIC expects SMSF auditors to adhere to the ethical and auditing standards given the fundamental role they play in promoting confidence in the SMSF sector. ASIC will continue to take action where the conduct of SMSF auditors is inadequate. These actions help protect the integrity of SMSF audits”.
The auditors include:
- Ross Casperson – disqualified as an SMSF auditor in April
- Ian Good – disqualified as an SMSF auditor in April
- Clifton Hammond - disqualified as an SMSF auditor in March
- John Pascoe - disqualified as an SMSF auditor in March
- Phil Scahill - disqualified as an SMSF auditor in March
- Andrew Hunt – additional conditions imposed in May
- Terence Murphy - additional conditions imposed in April
- John Philips - additional conditions imposed in April.
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
