The Australian Securities and Investments Commission (ASIC) has announced it has disqualified, suspended or added conditions to the registration for a number of self-managed super funds’ (SMSFs) auditors.
The regulator expressed concerns with regards to SMSFs auditors due to their inability to meet independence and auditing standards, comply with continuing professional development (CPD) requirements and not being a ‘fit and proper person’.
As a result of that, ASIC disqualified the following auditors:
Following this, one-year suspension and conditions were also imposed on the following SMSF auditors:
Under the SIS Act, from 1 July, 2013 all auditors of SMSFs have been required to be registered with ASIC in order to meet the base standards of competency and expertise.
Also, ASIC and ATO work closely together as co-regulators of SMSF auditors and the ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible action such as disqualification or suspension of their registration while ASIC may also impose conditions on SMSF auditors.
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