SMSF auditors suspended by ASIC

The Australian Securities and Investments Commission (ASIC) has decided to deregister, suspend or impose conditions on 101 self-managed superannuation fund (SMSF) auditors on the grounds of “audit quality and independence issues”.

The move included 76 SMSF auditors being removed from the auditor register and suspended by ASIC while a further 24 auditors saw additional conditions being imposed.

Under the Superannuation Industry (Supervision) Act 1993 all auditors of SMSFs needed to be registered with ASIC.

Further to that, ASIC had responsibility for setting competency standards and imposing any administrative standards.

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In relation to the abovementioned 101 auditors, ASIC found that they:

• did not meet auditor independence requirements,
• did not comply with auditing standards,
• did not identify or report non-compliance, and
• did not meet a fit or proper person requirement.

ASIC commissioner, John Price, said: “SMSF auditors perform an important role in giving independent assurance over fund financial reports and reporting non-compliance with fund requirements.”

“As gatekeepers, they are expected to adhere to the highest standards in the performance of their role. ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”