19 July 2023

Enforcement Update: ASIC's Recent Actions Against Additional SMSF Auditors

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In the period between April 1, 2023, and June 30, 2023, ASIC undertook decisive action against SMSF auditors who had violated their obligations. A total of eight auditors faced regulatory consequences due to breaches ranging from auditing standards and independence requirements to registration conditions. These actions were taken either based on evidence of their unsuitability for registration or as a result of them not meeting the 'fit and proper' criteria.
 

During this period:

• Five SMSF auditors were disqualified

• Three SMSF auditors had additional conditions imposed on their registrations.

Notably, seven of the auditors came under ASIC's scrutiny following referrals from the Australian Taxation Office (ATO), while one case was flagged by another Australian government entity. For those disqualified from being SMSF auditors, their names have been included in ASIC's publicly available banned and disqualified register. As a consequence, these individuals are no longer eligible to apply for re-registration.
 

Reference ASIC media release 21 July 2023