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ASIC has acted in opposition to 11 self-managed superannuation fund (SMSF) auditors for breaching their obligations because the regulator continues its crackdown on the area of interest however rising market.
The breaches, which occurred within the September quarter 2023, embrace auditing and assurance requirements, independence necessities and registration circumstances.
ASIC deputy chair Sarah Courtroom (pictured above) mentioned SMSF auditors have a “important position in upholding the integrity” of the SMSF sector via annual audits.
“They oversee over 610,000 SMSFs, representing greater than $875 billion in funds. SMSF auditors play a vital position in supporting confidence within the SMSF sector, and ASIC will proceed to take motion the place their conduct is insufficient,” Courtroom mentioned.
Between July 1 2023 and September 30 2023, ASIC:
- disqualified three SMSF auditors;
- imposed extra circumstances on 5 SMSF auditors; and
- cancelled the registration of three SMSF auditors.
Carlo Celisano, Eamon Lynch and Brian Townhill had been disqualified from being SMSF auditors. Their names have been positioned on ASIC’s public banned and disqualified register and aren’t eligible to reapply for registration.
Anthony Boys, Laurence Carwardine, Gurjeet Singh, Bruno Sternberg and Mark Turner had extra circumstances imposed on their SMSF auditor registration.
Situations are particular to the auditor (see the SMSF Auditor register), and might require enterprise extra skilled growth, passing the SMSF auditor competency examination, having impartial critiques of SMSF audit recordsdata or audit instruments, templates and methodology, performing independence risk and safeguard analysis and notifying their skilled accounting affiliation of the extra circumstances.
Jeffrey Leahy, James Ulrich and Lou Varalla had their SMSF auditor registration cancelled.
All 11 SMSF auditors had been referred to ASIC by the Australian Taxation Workplace (ATO).
Background to the SMSF crackdown
Authorised SMSF auditors are registered with ASIC underneath the Superannuation Business (Supervision) Act 1993 (SIS Act).
ASIC and the ATO work carefully collectively as co-regulators of SMSF auditors. The ATO screens SMSF auditor conduct and might refer issues to ASIC. ASIC additionally screens the SMSF auditor inhabitants for non-compliance and is empowered to disqualify, droop, cancel, or impose extra circumstances on the registration of SMSF auditors.
The transfer adopted a crackdown on the SMSF sector the place 29 SMSF auditors had been cancelled in June. 5 of that group had extra circumstances imposed in July.
Additional info could be discovered on ASIC’s web site and in Regulatory Information 243 Registration of self-managed superannuation fund auditors.
SMSF trustees and members can examine whether or not their auditor is registered, suspended or has circumstances imposed on their registration by looking out ASIC’s SMSF Auditor register.
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