ASIC continues to act against SMSF auditors

The Australian Securities and Investment Commission (ASIC) has acted against a further 11 self-managed superannuation fund (SMSF) auditors for breaches of their obligations.

The regulator said this included breaches of auditing and assurance standards, independence requirements, registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered.

Between October 2022 and March 2023, ASIC disqualified seven SMSF auditors; imposed additional conditions on three SMSF auditors; and cancelled one SMSF auditor and ten of these SMSF auditors were referred to ASIC by the Australian Taxation Office (ATO).

Also, one SMSF auditor did not comply with conditions imposed by ASIC on their SMSF auditor registration.

Following this, Donald Douglas, Clive Henley, Michael Macleod, Phillip Lloyd Scott, Leo Sheppet, Wayne Simpson and Graeme Whyte were disqualified from being SMSF auditors and are not eligible to reapply for registration.

Henley has applied to the Administrative Appeals Tribunal (AAT) for the disqualification decision to be reviewed.

At the same time, Biren Joshi, Narendra Kasandaria and Leslie McMillan had additional conditions imposed on their registration.

Mark Wright had his registration as an SMSF auditor cancelled.

Previously, ASIC cancelled 374 SMSF auditors in January 2023.

ASIC Commissioner Danielle Press said, to protect the integrity of the SMSF sector, ASIC would continue to act against SMSF auditors whose conduct falls short or who do not meet their obligations.