SMSF auditors suspended by ASIC
The Australian Securities and Investments Commission (ASIC) has decided to deregister, suspend or impose conditions on 101 self-managed superannuation fund (SMSF) auditors on the grounds of “audit quality and independence issues”.
The move included 76 SMSF auditors being removed from the auditor register and suspended by ASIC while a further 24 auditors saw additional conditions being imposed.
Under the Superannuation Industry (Supervision) Act 1993 all auditors of SMSFs needed to be registered with ASIC.
Further to that, ASIC had responsibility for setting competency standards and imposing any administrative standards.
In relation to the abovementioned 101 auditors, ASIC found that they:
- did not meet auditor independence requirements,
- did not comply with auditing standards,
- did not identify or report non-compliance, and
- did not meet a fit or proper person requirement.
ASIC commissioner, John Price, said: “SMSF auditors perform an important role in giving independent assurance over fund financial reports and reporting non-compliance with fund requirements.”
“As gatekeepers, they are expected to adhere to the highest standards in the performance of their role. ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”
AUTHOR
Oksana Patron
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
