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  1. ASIC homes in on accountants' SOAs

    AFSL. This was particularly the case in the lead up towards the end of the accountants' exemption phase-out period in July last year, when it became clear that the AFSL regime was having a limited take-up. “Frankly, if you decide after 1 July to give...

  2. ASIC flexes new powers as liquidator booted

    and insolvency services. Liquidators have been in the regulatory spotlight since ASIC’s new powers came into effect in March last year. The industry is also up for a tough time under ASIC’s new funding model. Registered liquidators will have to pay a...

  3. ASIC finds rise in audit issues focused on revenue, assets

    for an increase in negative findings in its inspection report for 2021-22. Negative findings rose to 36 per cent from 32 last year and ASIC called on the sector to focus on improving audit quality by examining best practice case studies in the report....

  4. ASIC finds industry falling behind on new accounting standards

    should be particularly careful with as the new standards come into effect, and having released its focus area late last year. Of the 20 matters ASIC has sought explanations of, seven relate to revenue recognition, three to asset values and impairment...

  5. ASIC fails big banks for $550m in customer scam losses

    Bank majors told to lift their game after more than 31,700 customers were conned last year. The Australian Securities and Investments Commission (ASIC) has given the big four banks a fail mark for scam protection after 31,700 customers lost $550...

  6. ASIC failed to question KPMG tax bill despite Shipton’s concerns

    ASIC, asking, “the question (for KPMG) that I am still keen to know about is why the fee estimate increased 6x (from late last year to September this year) when the information passed on to them was exactly the same on both occasions?” An ASIC staff...

  7. ASIC eyes KPMG in complex liquidation

    investigation into various land developments in the Pilbara region of Western Australia. ASIC already obtained orders last year restraining Ms Macpherson and the companies, with the exception of 511 GTN, from providing financial advice, financial...

  8. ASIC extends COVID-19 record of advice relief

    said in a statement. The record of advice relief measure was rolled out as part of a three-pronged relief package in April last year. The suite of measures enabled registered tax agents to give advice to existing clients about early access to...

  9. ASIC exposes dozens of dodgy investment websites on blacklist

    to address online fraud and supported the work of the new National Anti-Scams Centre (NASC), which opened in July. Last week ASIC revealed that since July its scam-buster technology had disabled 2,100 fake investment websites mainly offering high-risk...

  10. ASIC deregisters 374 SMSF auditors

    UPDATED: The regulator cancels hundreds for failing to lodge annual statements after warnings last year. ASIC has deregistered 374 SMSF auditors after they failed to lodge annual statements with cancellation notices sent out last week. The move came...

  11. ASIC defends handling of Shipton’s tax expense probe

    late to the Australian National Audit Office, on 16 October 2020. Auditor-General Grant Hehir told the committee in November last year that he had been forced to escalate the expenses matter to Treasury after ASIC’s processes in response to the expenses...

    • Type: Article
    • Author: Sarah Kendell
    • Category: Tax

  12. ASIC crackdown claims 8 more SMSF auditors

    their audit files and tools, and notifying their professional association of the conditions. The actions by ASIC, over the last quarter of FY2022-23, add to the 413 cancellations of SMSF auditors as part of a crackdown on compliance in the sector. “In...

  13. ASIC cops it as royal commission report released

    line. Some reassurance for accountants came from the architect of the Future of Financial Advice reforms, Bernie Ripoll, last month. Accountants Daily asked him if he fears smaller operators will bear the brunt of ASIC’s compliance action, given they...

  14. ASIC commits to naming and shaming largest audit firms

    across the six largest firms. It will also shorten the time frame for its next inspection period, with results for the last 12 months set to be released by the end of the year, down from the usual 18-month period. “ASIC acknowledges that while audit...

  15. ASIC chair to step down despite being cleared of wrongdoing

    interests of ASIC”, a new chair should be appointed. Mr Shipton will resume in his role on Monday, after stepping aside late last year, and will leave once his successor has been named. The Treasury has kicked off its search process, with an appointment...

  16. ASIC chair Joseph Longo to step down

    including a doubling of ASIC’s investigation numbers and a 20 per cent increase in civil enforcement proceedings over the last five years. ASIC had also received greater funding to stabilise critical business registers and produced landmark reports and...

  17. ASIC bans director behind $50m Magnolia Group collapse

    Atkins of Erina, NSW, was a director of the Magnolia Capital Group of companies which operated from 2018 until it collapsed last year. Businesses in the group provided financial advice and services in relation to secured lending transactions and share...

  18. ASIC bans accountant over $73m failure

    in three failed companies that collectively owe creditors over $73 million. The ban from ASIC comes after Mr Brandi had last week pleaded guilty to fraudulently obtaining $135,248 in GST refunds by falsifying business activity statements lodged on...

  19. ASIC bans 2 directors over string of failed companies owing $9m

    more companies within the group have entered liquidation since it decided to disqualify Mr Kelly and Mr Farrelly in October last year. These included KFT Group, Stormer Building Group No 2, Stormer Building Group, 3 Property Group 4 and Lifestyle Homes...

  20. ASIC asks for small business sector's feedback

    regulator's services and engagement with the small business sector. This is ASIC’s second small business survey, with the last survey (conducted in late 2012) resulting in the establishment of ASIC's Small Business Engagement team. This team is focused...

    • Type: Article
    • Author: Michael Masterman
    • Category: Business
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