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- APRA issues directions to NESS around additional board member
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- AustralianSuper to boost investment in private equity
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- ATO owed billions in unpaid Superannuation Guarantee Charge from employers
- Actuaries Institute paper offers guidance for retirement income covenant
ASIC disqualifies SMSF auditors as 40,000 breaches involving SMSFs reported
The Australian Securities and Investments Commission (ASIC) has deregistered 12 self-managed superannuation fund (SMSF) auditors and imposed additional conditions on the registration of an extra seven.
Of the 12 deregistrations, seven were accepted voluntarily. The actions against the 19 is also in addition to the 18 auditors ASIC acted against because of their involvement in reciprocal audit arrangements in March.
“SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, so it is crucial that they adhere to ethical and auditing standards. ASIC will continue to take action where the conduct of SMSF auditors is inadequate and fails to meet the requisite standards,” ASIC Commissioner Sean Hughes said.
The ASIC actions followed breaches of: auditing and assurance standards, independence requirements, and registration conditions. ASIC may have also been concerned the individual was not a fit and proper person to remain registered.
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