SMSF auditors suspended by ASIC

22 July 2019

The Australian Securities and Investments Commission (ASIC) has acted to disqualify or add conditions to the number of self-managed superfund auditors after concerns they were failing to meet requirements.

Concerns, which were referred to ASIC by the Australian Taxation Office, included failing to meet auditor independence standards, auditing standards, minimum continuing professional development hours, lodging annual statements and fit and proper person criteria.

Tram Tran, Kelvin Wright and Geoffrey Wood, all of New South Wales, were disqualified from being SMSF auditors while a further 14 auditors had conditions imposed on them. These were Stephen Bray, Ross Casperson, Dharambir Ghangas, Gerald Adams, Rohan Dyson, David John Simpson, Geoffrey Sexton, Sandra Koschel, John McCann, Leo Sheppet, Rodney Grosvenor, Dennis Kronheim, Michael Lane and Thomas Swanton.

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Conditions included peer reviews, exams, restricted audits and proof of CPD. If any of them failed to comply with these conditions, they may be disqualified or have their registration suspended.

ASIC commissioner, John Price, said: “SMSF auditors play a fundamental role in promoting confidence in the SMSF sector. ASIC will continue to take action where the conduct of SMSF auditors is inadequate.”

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