The Australian Securities and Investments Commission (ASIC) has cancelled the registration of 374 auditors of self-managed superannuation funds (SMSFs).
According to the corporate regulator, the funds failed to lodge annual statements, as required by current compliance standards under the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Auditors were required to lodge their annual statements within 30 days of the anniversary of their registration.
After receiving data from the Australian Taxation Office (ATO), ASIC discovered that the cancelled auditors repeatedly breached their obligations over the last two to three years.
SMSF auditors subject to the cancellations were reportedly advised of their breaches on 3 August, 2022 with a notice of cancellation then sent to non-compliant auditors on 23 January, 2023.
“SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, which holds more than $865 billion in assets in over 600,000 funds,” ASIC commissioner Danielle Press said.
“It is crucial that SMSF auditors comply with their regulatory obligations. ASIC will continue to take action where they do not meet these obligations.”
SMSF auditors impacted by the cancellations are entitled to request a review of ASIC’s decision, with an option to take further action with the Administrative Appeals Tribunal.
ASIC has urged SMSF auditors to ensure their contact details are kept up to date.
