ASIC puts super funds on notice over financial reports
Superannuation fund trustees have been placed on notice by the Australian Securities and Investments Commission (ASIC) that they will be subject to increased scrutiny on the quality of their financial reports under the new reporting and audit regime for super funds.
ASIC has issued a notice stating that superannuation trustees are now required to lodge financial reports for each fund within three months of the end of a fund’s financial year and that it will be imposing fees for late lodgement.
It said trustees will be subject to increased scrutiny on the quality of their financial reports.
“This year, ASIC’s financial reporting and audit surveillance program will be reviewing these financial reports for the first time. Where there are significant deficiencies in disclosure or concerns about possible material misstatements identified in the financial report, the superannuation fund will be subjected to a financial reporting surveillance,” ASIC said.
It said auditors will also be subject to increased scrutiny on the quality of their audit work in relation to superannuation funds.
“This year, ASIC’s financial reporting and audit surveillance program will be reviewing these financial reports for the first time”
Thus ASIC & APRA have NEVER looked at the Industry Super rorts:
– the sponsored sport boxes,
– the related party providers of Union big wigs,
– the Union donations
– the ALP donations
– the Hidden Commission charged to every member when most members don’t get sales Advice but pay for it
– the Group Life Insurance commission kick backs to ISA
And you can guarantee they still won’t really look.
Nothing to see folks, Industry Super can do whatever it likes, move along.
Why dont they arrest people whom had comapnies which went broke and were trading ,knowing full well they were insolvent.