The corporate regulator has provided an update on actions against SMSF auditors.
Since 1 July 2021, ASIC confirmed that it has taken action against 19 auditors; 12 were deregistered, while additional conditions were imposed on the registration of seven others.
For seven of those deregistered, ASIC accepted voluntary cancellations.
Actions resulted from breaches of obligations such as auditing and assurance standards, independence requirements and registration conditions, or because ASIC deemed the individual not a fit and proper person to remain registered.
ASIC also revealed that 13 of the breaches identified were referred to by the Australian Tax Office (ATO), while six were identified directly by the regulator.
“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 commissioner Sean Hughes said.
“ASIC will continue to take action where the conduct of SMSF auditors is inadequate and fails to meet the requisite standards.”
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
Iress has issued an update denying the validity of “certain statements” made today by an alleged threat actor
ifa has learnt that a decision has not been made to refer to “qualified advisers” as “product advisers”
The AIOFP says it intends to challenge the “legal validity” of changes to the SIS Act that could prompt super fund ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin