The Australian Securities and Investments Commission (ASIC) has acted against 19 self-managed super fund (SMSF) auditors since July, for breaches of auditing standards, independence requirements, registration conditions and for failing the fit and proper person test.
As part of the enforcement activity, the corporate regulator deregistered 12 SMSF auditors and imposed additional conditions on the registration of seven others. For seven of those deregistered, ASIC chose to accept voluntary cancellations as negotiated outcomes.
ASIC commissioner, Sean Hughes, said: “SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, so it is crucial that they adhere to ethical and auditing standards.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate and fails to meet the requisite standards.”
Disqualifications
Christopher Baldwin, of Shepparton, Victoria, was disqualified from being an SMSF auditor in October 2021 for:
Adnan Sibai, of Sydney, New South Wales, was disqualified from being an SMSF auditor in October 2021 for:
ASIC-initiated cancellations
Yuk Wong, of Gladesville, New South Wales, had his registration cancelled in August 2021 for not meeting the following additional conditions imposed previously on his registration (refer: 20-215MR):
John Campbell, of Kerang, Victoria, and Christopher Sheppard, of South Yarra, Victoria had their registrations cancelled in September 2021 and December 2021 respectively, for not maintaining the practical experience necessary for carrying out SMSF audits. They had not performed any significant SMSF audit work during a continuous period of more than five years.
Voluntary cancellations
ASIC accepted requests from seven SMSF auditors to cancel their registrations as negotiated outcomes of their individual investigations about various breaches, or for fitness and propriety concerns.
Conditions imposed on SMSF auditor registration
The following people had additional conditions imposed on their registration for breaching auditing rules:
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