ASIC cancels registration of over 350 SMSF auditors

31 January 2023
| By Charbel Kadib |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs).

According to the corporate regulator, the funds failed to lodge annual statements, as required by current compliance standards under the Superannuation Industry (Supervision) Act 1993 (SIS Act).

Auditors are required to lodge their annual statements within 30 days of the anniversary of their registration.

After receiving data from the Australian Taxation Office (ATO), ASIC discovered that the cancelled auditors repeatedly breached their obligations over the last two to three years.

SMSF auditors subject to the cancellations were reportedly advised of their breaches on 3 August 2022, with a notice of cancellation then sent to non-compliant auditors on 23 January 2023.

“SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, which holds more than $865 billion in assets in over 600,000 funds,” ASIC commissioner Danielle Press said.

“It is crucial that SMSF auditors comply with their regulatory obligations. ASIC will continue to take action where they do not meet these obligations.”

SMSF auditors impacted by the cancellations are entitled to request a review of ASIC’s decision, with an option to take further action with the Administrative Appeals Tribunal.

ASIC has urged SMSF auditors to ensure their contact details are kept up to date.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

6 hours ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

6 hours ago

Australian superannuation funds are grappling with heightened global instability, as US policy shifts create a volatile backdrop for investment strategies....

6 hours ago

TOP PERFORMING FUNDS