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.
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day