ASIC cancels registration of 374 SMSF auditors

ASIC said on Tuesday it had cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements. 

“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,” said ASIC commissioner Danielle Press.

The corporate regulator explained that the cancellations followed a compliance blitz, which saw it communicate 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. A notice of cancellation was then sent to these auditors on 23 January this year, 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.

“SMSF auditors need to ensure they complete and lodge their annual statements as required, or they risk cancellation of their registration,” ASIC said.

“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,” it concluded.