ASIC has cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements.
ASIC Commissioner Danielle Press said, ‘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. It is crucial that SMSF auditors comply with their regulatory obligations. ASIC will continue to take action where they do not meet these obligations.’
As part of its current compliance program, ASIC communicated to over 1,400 SMSF auditors that they had outstanding annual statements. Most of these auditors subsequently lodged their statements.
Those SMSF auditors still with outstanding annual statements were advised on 3 August 2022 that ASIC was considering cancelling their registration. Notice of cancellation was sent to these auditors on 23 January 2023, following their continued non-compliance.
Based on data obtained from the Australian Taxation Office, the cancelled SMSF auditors had not performed a significant number of SMSF audits in the past two to three years.
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SMSF auditors need to ensure they complete and lodge their annual statements as required, or they risk cancellation of their registration. They also need to ensure their contact details are kept up to date. Lodgements of annual statements and updates to contact details can be completed via the ASIC Regulatory Portal.
SMSF trustees and members can check whether their auditor is registered by searching ASIC’s SMSF Auditor register.