ASIC acts against eight SMSF auditors

The Australian Securities and Investments Commission (ASIC) has said it acted against eight self-managed superannuation fund (SMSF) auditors between March and June 2022.

ASIC deregistered five of the auditors and imposed additional conditions on the registration of three others, seven of which were referred and the remaining auditor was identified by ASIC.

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.

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ASIC’s action followed its decision in May to cancel the registrations of 10 other SMSF auditors who failed to lodge their annual statements.

ASIC commissioner, Sean Hughes, said: “ASIC expects SMSF auditors to adhere to the ethical and auditing standards given the fundamental role they play in promoting confidence in the SMSF sector. ASIC will continue to take action where the conduct of SMSF auditors is inadequate. These actions help protect the integrity of SMSF audits”.

The auditors include:

  • Ross Casperson – disqualified as an SMSF auditor in April
  • Ian Good – disqualified as an SMSF auditor in April
  • Clifton Hammond - disqualified as an SMSF auditor in March
  • John Pascoe - disqualified as an SMSF auditor in March
  • Phil Scahill - disqualified as an SMSF auditor in March
  • Andrew Hunt – additional conditions imposed in May
  • Terence Murphy - additional conditions imposed in April
  • John Philips - additional conditions imposed in April.

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