ASIC cancels registrations for 10 SMSF auditors
The Australian Securities and Investments Commission (ASIC) has cancelled the registration of 10 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements, following the earlier reinstatement of their SMSF auditor registrations which had been previously cancelled by ASIC due to the same failure.
The regulator said it recently informed all SMSF auditors with outstanding annual statements that if they remained non-compliant, their registration may be cancelled.
The SMSF auditors who have been cancelled were all initially cancelled and reinstated between 2016 and 2018. They are:
- 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.”
From 1 July 2013, the Superannuation Industry Act 1993 required all auditors of SMSFs to be registered with ASIC. This was to ensure that all SMSF auditors meet at least base standards of competency and expertise.
SMSF auditors may request that ASIC review a decision it has made against them under the SIS Act. If the decision is confirmed or varied, the SMSF auditor may apply to the Administrative Appeals Tribunal for further review of the decision.
Since when has any advice / adviser legislation been fair? - Corrupt Canberra at work again, using convenient Professional Advisers…
What politician or bureaucrat isn’t a fraud, liar and corrupt…?
Are these legal expenses funded by the Advisor Levy. If so, then why are at least the legal costs offset.…
What labor politician isn't a fraud, liar and corrupt...?
Bitcoin will soon become the hardest money the world has ever known. And it will keep getting harder as its…