You have 0 free articles left this month.
Register for a free account to access unlimited free content.
accountants daily logo

ASIC acts again on licensee’s compliance holes


Failure to lodge financial statements and auditor's reports was the undoing of one licensee this week, and newly licensed accountants should take note of ASIC’s willingness to exercise its regulatory powers.

By Katarina Taurian 8 minute read

The corporate regulator announced today that it has cancelled the AFSL of NSW-based company Smart Trader International, after it failed to lodge its financial statements and auditor's reports for a period of three years.

Consistent with warnings since the expiration of the accountants’ exemption, meaning accountants are now required to be licensed to give SMSF advice, chair Peter Kell said this latest action is a warning to all licensees.

“Licensees are required to lodge financial statements and auditor's reports with ASIC to demonstrate their capacity to provide financial services,” Mr Kell said.

“Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won't hesitate to act against licensees who do not meet these important requirements,” he said.

Separate to basic compliance requirements, appropriate and detailed documentation is also something for newly licensed accountants to keep on their priority list. You can read more about this here.


This email address is being protected from spambots. You need JavaScript enabled to view it.


Katarina Taurian


You are not authorised to post comments.

Comments will undergo moderation before they get published.

accountants daily logo Newsletter

Receive breaking news directly to your inbox each day.