Post: ASIC continues to act against SMSF auditors

ASIC has acted against a further 11 self-managed superannuation fund (SMSF) auditors for breaches of their obligations. 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.

Over the period 1 October 2022 to 31 March 2023, ASIC:

disqualified seven SMSF auditors;
imposed additional conditions on three SMSF auditors; and
cancelled one SMSF auditor.
Ten of these SMSF auditors were referred to ASIC by the Australian Taxation Office (ATO). One SMSF auditor did not comply with conditions imposed by ASIC on their SMSF auditor registration.

This follows the cancellation of 374 SMSF auditors in January 2023 (23-012MR).

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.’

Donald Douglas, Clive Henley, Michael Macleod, Phillip Lloyd Scott, Leo Sheppet, Wayne Simpson and Graeme Whyte were disqualified from being SMSF auditors. Their names have been placed on ASIC’s public banned and disqualified register and are not eligible to reapply for registration. Mr Henley has applied to the Administrative Appeals Tribunal for the disqualification decision to be reviewed.

Biren Joshi, Narendra Kasandaria and Leslie McMillan had additional conditions imposed on their registration. Conditions are specific to the auditor (see the SMSF Auditor register), and can require undertaking additional professional development or the SMSF auditor competency exam, 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.

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