ASIC has announced it has cancelled the registration of 10 self-managed superannuation funds (SMSFs) auditors for failing to lodge their annual statements.
The auditors’ registrations that were axed had previously been reinstated after being cancelled for the same reason between 2016-2018.
ASIC said it previously reinstated each registration with a “clearly-stated expectation” that they would comply with their obligation to lodge their annual statements.
The names include:
- Rajab Arabi – four annual statements outstanding;
- Michael Awadalla – three annual statements outstanding;
- Michael Donlon – 3 annual statements outstanding;
- Jonathan Dundovic – four annual statements outstanding;
- Jeffrey Foden – three annual statements outstanding;
- Jackie Lao – three annual statements outstanding;
- Kevin Leece – three annual statements outstanding;
- Caren Moroney – six annual statements outstanding;
- Ronald Targett – three annual statements outstanding; and
- Antony Vidray – three annual statements outstanding.
“SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, so it is crucial that they comply with their regulatory obligations,” Commissioner Sean Hughes said.
“ASIC will continue to take action where SMSF auditors do not meet these obligations.”
In April, ASIC revealed that it had taken action against 19 auditors since 1 July 2021.
Of that number, 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.
How come when the big banks and AMP got caught, none of the managers had to hand back their massive salaries and bonuses? How come AMP and the big banks got to keep their AFSLs but any other small fry would be banned immediately for lesser offenses?
It is about time ASIC implemented its mandate with equal force!
I’m sure you will find none of them wanted to be registered but didn’t want to pay ASIC $899. Meanwhile, the real crooks are ignored by the most incompetent regulatory body in Australia.
Thought there would be more. Renewing is not a user-friendly task .
How about ASIC responding to the fact that an auditor who wants to simply cease their registration has to pay ASIC a fee of $899?
The alternative is to wait for ASIC to take action for non lodgment of annual declaration reports.
How many of these cancellations are actually the result of SMSF voluntarily ceasing to do audits but not being prepared to pay ASIC $899 for doing nothing?
Joe Longo will probably say it is a govt problem and out of their hands.