ASIC cancels registrations of 10 SMSF auditors
The Australian Securities and Investments Commission (ASIC) has cancelled the registrations of 10 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements.
This followed an earlier reinstatement of their SMSF auditor registrations following the corporate regulator’s previous decision to cancel the auditors’ registrations.
“ASIC considered each SMSF auditor’s individual circumstances and reinstated their registrations with a clearly stated expectation that they would comply with their on-going obligation to lodge their annual statements,” it said.
The 10 SMSF auditors who were cancelled for statements outstanding were:
- Rajab Arabi, of Kingsgrove, New South Wales – 4 annual statements outstanding;
- Michael Awadalla, of Rockdale, New South Wales – 3 annual statements outstanding;
- Michael Donlon, of Palm Beach, Queensland – 3 annual statements outstanding;
- Jonathan Dundovic, of Green Valley, New South Wales – 4 annual statements outstanding;
- Jeffrey Foden, of Oakleigh, Victoria – 3 annual statements outstanding;
- Jackie Lao, of Carlton, New South Wales – 4 annual statements outstanding;
- Kevin Leece, of Werribee, Victoria – 3 annual statements outstanding;
- Caren Moroney, of Burrum Heads, Queensland – 6 annual statements outstanding;
- Ronald Targett, of Dee Why, New South Wales – 3 annual statements outstanding; and
- Antony Vidray, of Waratah, New South Wales – 3 annual statements outstanding.
ASIC commissioner, Sean Hughes, said: “SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, so it is crucial that they comply with their regulatory obligations. ASIC will continue to take action where SMSF auditors do not meet these obligations”.
SMSF auditors must lodge any outstanding annual statements to avoid cancellation, and also ensure their contact details are up to date.
ASIC had recently informed all SMSF auditors with outstanding annual statements that if they remained non-compliant, their registration may be cancelled.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
