ASIC’s Overview of licensing and professional registration applications report, released this week, showed it has registered 71 approved SMSF auditors, received withdrawal requests from 49 applicants and cancelled the registration of 62 SMSF auditors in the period of July to December 2015.
In the period of July to December 2014, ASIC cancelled the registration of 426 auditors, because they failed to comply with the conditions of their registration – namely to complete the SMSF auditor competency exam by June 2014.
Cancellation can occur for various reasons, including not complying with conditions of registration, not conducting an audit for five years and ceasing to be an Australian resident.
The total number of applications for registration as an approved auditor received before July 2015 stood at 138, compared to 62 for the previous reported period.
ASIC noted the number of approved auditors has stabilised in the period of July to December 2015, which is expected given the new registration obligations were introduced in July 2013 period.