Over 40 SMSF auditors reprimanded by ASIC
The Australian Securities and Investments Commission (ASIC) has cancelled or imposed restrictions on 42 self-managed super fund (SMSF) auditors for failing to maintain their audit experience.
Some 36 had their registrations cancelled while a further six had conditions imposed on them. None of the auditors had issued an SMSF audit in the past five years but the six who only had conditions imposed had maintained audit experiences in other areas.
The changes followed a review by the regulator as all auditors were required to meet at least base standards of competency and expertise.
The conditions imposed included:
- Having a number of audits reviewed by an independent SMSF auditor for compliance with auditing standards;
- Completing specific courses of study, including in audit and fund compliance requirements under the Superannuation Industry (Supervision) Act 1993 (SIS Act) compliance; and
- Sitting and passing ASIC’s SMSF auditor competency exam prior to issuing any SMSF audit reports.
AUTHOR
Laura Dew
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