SMSF auditors face further ASIC action in Q3

SMSF ASIC ATO

11 October 2023
| By Rhea Nath |
image
image
expand image

The corporate regulator’s crackdown on self-managed superannuation fund (SMSF) auditor misconduct continued in the third quarter, with ASIC taking action against 11 auditors who were all referred by the Australian Taxation Office (ATO).  

Between 1 July 2023 and 30 September 2023, ASIC disqualified Carlo Celisano, Eamon Lynch, and Brian Townhill, whose names have been placed on ASIC’s public banned and disqualified register. They are not eligible to reapply for registration.

It imposed additional conditions on Anthony Boys, Laurence Carwardine, Gurjeet Singh, Bruno Sternberg and Mark Turner. The conditions are specific to the auditor and can require undertaking additional professional development, passing the SMSF auditor competency exam, having independent reviews of SMSF audit files and/or audit tools, templates and methodology, performing independence threat and safeguard evaluation and notifying their professional accounting association of the additional conditions.

ASIC also cancelled the registration of Jeffrey Leahy, James Ulrich and Lou Varalla.

It found the 11 auditors had breached their obligations, including breaches of auditing and assurance standards, independence requirements and registration conditions.

“SMSF auditors have a critical role in upholding the integrity of the SMSF sector through annual audits,” said Sarah Court, ASIC deputy chair.

“They oversee over 610,000 SMSFs, representing more than $875 billion in funds.

“SMSF auditors play an essential role in supporting confidence in the SMSF sector, and ASIC will continue to take action where their conduct is inadequate.”

Previously, ASIC disqualified five SMSF auditors and imposed additional conditions on three SMSF auditors between 1 April 2023 to 30 June 2023.

This was in addition to the cancellation of some 413 SMSF auditors as part of its recent compliance program.

Approved SMSF auditors are registered with ASIC under the Superannuation Industry (Supervision) Act 1993 (SIS Act) with ASIC and the ATO working together as co-regulators of SMSF auditors.

 

 

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

JOHN GILLIES

tHOSE 989 WHO ARE CEASED WILL GO ON TO LIVE A LONG AND HEALTHY LIFE JG...

4 days 12 hours ago
Chris Cornish

What a sticth-up. Looks like Labor Senator Jess Walsh follows Stephen Jones who follows what the industry super funds ...

4 days 9 hours ago
Peter Swan

This report is a blatant display of far-left factional partisanship, treating superannuation funds as state property and...

4 days 10 hours ago

ASIC has cancelled the AFS licence of a Sydney wealth firm, the fifth Sydney firm to see a cancellation since the start of the year....

2 weeks 5 days ago

More than 20 winners from the funds management industry have been crowned at this year’s awards....

1 week 5 days ago

ASIC has obtained interim orders from the Federal Court to freeze the assets of a registered managed fund and prevent its former director from leaving Australia. ...

6 days 9 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND