POWERED BY MOMENTUM MEDIA
SMSF auditors under ASIC spotlight
The Australian Securities and Investments Commission (ASIC) has acted against 11 SMSF auditors for breaches of their obligations.
These included breaches of auditing and assurance standards, independence requirements, registration conditions or because the regulator was dissatisfied they were are a fit and proper person.
Between 1 October 2022 and 31 March 2023, seven were disqualified, additional conditions were imposed on three and one was cancelled.
Donald Douglas, Clive Henley, Michael Macleod, Phillip Lloyd Scott, Leo Sheppet, Wayne Simpson and Graeme Whyte were disqualified from being SMSF auditors. Henley had applied to the Administrative Appeals Tribunal for the decision to be reviewed.
Biren Joshi, Narendra Kasandaria and Leslie McMillan had additional conditions imposed on their registration. Conditions could range from undertaking additional professional development or the SMSF auditor competency exam tot having independent reviews of three audit files and/or audit tools, templates and methodology, and notifying their professional accounting association of the additional conditions.
Mark Wright had his registration as an SMSF auditor cancelled.
ASIC commissioner, Danielle Press, said: “SMSF auditors play an essential role in supporting confidence in the SMSF sector. To protect the integrity of the SMSF sector, ASIC will continue to act against SMSF auditors whose conduct falls short or who do not meet their obligations”.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
