ASIC has taken action against six self-managed superannuation fund (SMSF) auditors for breaches of independence requirements and auditing standards.
Over the period 29 June 2022 to 30 September 2022, ASIC:
- disqualified three SMSF auditors from being registered
- imposed additional conditions on the registration of one SMSF auditor, and
- cancelled the registration of two SMSF auditors.
Five of these SMSF auditors were referred to ASIC by the Australian Taxation Office (ATO). One SMSF auditor did not comply with conditions imposed by ASIC on their SMSF auditor registration.
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 Commissioner Sean Hughes said, ‘SMSF auditors have a fundamental role in promoting confidence in the SMSF sector. ASIC will apply a range of regulatory tools against SMSF auditors who fail to meet the independence and auditing standards or whose conduct calls into question the integrity of SMSF audits.’