The SMSF Association has thrown its support behind the Australian Securities and Investments Commission (ASIC) decision to disqualify or add conditions to 17 auditors of self-managed super funds.
As reported last month, three individual auditors were suspended by ASIC while further 14 had conditions imposed on them such as peer reviews and restricted audits.
This action was taken following concerns highlighted by the Australian Taxation Office (ATO) over the auditors’ ability to meet certain requirements.
SMSF Association chief executive, John Maroney, said the decision was ‘to be commended’ as it helped to uphold the high standards of the SMSF industry.
“The action taken by the regulator to disqualify three SMSF auditors and impose conditions on the registration of another 14 where their work failed to meet the necessary professional standards is to be commended.
“The Association maintains that SMSF auditors are key to the long-term health of the sector. This is why it is so important that auditors are held to the rigorous standards expected of them under the law by the regulators.”
He added the decision highlighted the need for SMSF professionals to have specific SMSF education and qualifications to underpin the services they provide.