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A total of 42 SMSF auditors have now had their registrations either cancelled or had conditions imposed due to their failure in maintaining an appropriate level of audit experience.
Following a recent review, ASIC said that 36 SMSF auditor registrations have been cancelled and conditions have been imposed on a further six SMSF auditors.
“All of the 42 SMSF auditors against whom ASIC acted had not issued any SMSF audit reports over the past five years and thus were not considered to have the necessary practical experience required to perform SMSF audits,” the corporate regulator said.
“In relation to the six auditors who had conditions imposed on them, ASIC was satisfied that it would be an appropriate alternative to cancellation considering the auditors’ individual circumstances and other relevant (non-SMSF audit) experience.”
The various conditions imposed across these auditors were:
ASIC stated that section 123E of the SIS Act allows the cancellation of the registration of an SMSF auditor who no longer has the practical experience required to perform SMSF audits.
Approved SMSF auditors seeking to cancel their registration voluntarily can do so through the ASIC Regulatory Portal, it added.
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