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SMSF auditors under ASIC spotlight
The Australian Securities and Investments Commission (ASIC) has acted against 11 SMSF auditors for breaches of their obligations.
These included breaches of auditing and assurance standards, independence requirements, registration conditions or because the regulator was dissatisfied they were are a fit and proper person.
Between 1 October 2022 and 31 March 2023, seven were disqualified, additional conditions were imposed on three and one was cancelled.
Donald Douglas, Clive Henley, Michael Macleod, Phillip Lloyd Scott, Leo Sheppet, Wayne Simpson and Graeme Whyte were disqualified from being SMSF auditors. Henley had applied to the Administrative Appeals Tribunal for the decision to be reviewed.
Biren Joshi, Narendra Kasandaria and Leslie McMillan had additional conditions imposed on their registration. Conditions could range from undertaking additional professional development or the SMSF auditor competency exam tot having independent reviews of three audit files and/or audit tools, templates and methodology, and notifying their professional accounting association of the additional conditions.
Mark Wright had his registration as an SMSF auditor cancelled.
ASIC commissioner, Danielle Press, said: “SMSF auditors play an essential role in supporting confidence in the SMSF sector. To protect the integrity of the SMSF sector, ASIC will continue to act against SMSF auditors whose conduct falls short or who do not meet their obligations”.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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