SMSF auditors’ registrations cancelled

Yasmine Raso

Senior Journalist, Financial Newswire

7 June 2023

The Australian Securities and Investments Commission (ASIC) has cancelled the registrations of a further 29 self-managed super fund (SMSF) auditors for failing to lodge their annual statements.

This brings the total number of auditors who have their registrations cancelled since May last year to 413, in line with the corporate regulator’s current compliance program.

This comes after notices of cancellation were sent to the 29 SMSF auditors on 22 May, having already been warned on 3 August 2022 and 21 March 2023 that their annual statements were outstanding, and ASIC was considering cancelling their registration.

“ASIC expects SMSF auditors to comply with their regulatory obligations given the important role they play in promoting confidence in the SMSF sector,” ASIC Commissioner Danielle Press said.

“ASIC will continue to monitor whether SMSF auditors are complying with their obligations and take action where their conduct falls short.”

The requirement for all SMSF auditors to register with ASIC has been in place since 1 July 2013 as part of the Superannuation Industry (Supervision) Act 1993 (SIS Act). Under section 128G of the Act, auditors must lodge a statement filled with compliance information with ASIC within 30 days of the anniversary of their registration. Section 128E of the SIS Act enables ASIC to cancel SMSF auditors’ registrations if they do not comply.

ASIC has corresponded with over 1,400 SMSF auditors regarding their outstanding annual statements, after which most were completed.