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ASIC swoops on auditors over experience requirements

Super

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.

By Miranda Brownlee2 minute read

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.

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“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:

  • • Independent reviews – Having a number of audits reviewed by an independent SMSF auditor for compliance with auditing standards
  • • Education – Completing specific courses of study, including in audit and fund compliance requirements, under the Superannuation Industry (Supervision) Act 1993 (SIS Act) compliance
  • • ASIC exam – Sitting and passing ASIC’s SMSF auditor competency exam prior to issuing any SMSF audit reports

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.

ASIC swoops on auditors over experience requirements
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Miranda Brownlee

Miranda Brownlee

AUTHOR

Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

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