ASIC has cancelled the registration of a further 29 auditors of self-managed superannuation funds (SMSFs) who failed to lodge their annual statements.

This is in addition to the cancellation of 374 SMSF auditors in January 2023 (23-012MR) and 10 SMSF auditors in May 2022 (22-121MR), as part of ASIC’s current compliance program.

ASIC Commissioner Danielle Press said, ‘ASIC expects SMSF auditors to comply with their regulatory obligations given the important role they play in promoting confidence in the SMSF sector. ASIC will continue to monitor whether SMSF auditors are complying with their obligations and take action where their conduct falls short.’  

Notices of cancellation were sent to this latest group of cancelled SMSF auditors on 22 May 2023. They had been advised on 3 August 2022 and 21 March 2023 that they still had outstanding annual statements and that ASIC was considering cancelling their registration.

ASIC communicated to over 1,400 SMSF auditors that they had outstanding annual statements. Most of these auditors subsequently lodged their annual statements.

While many of the cancelled SMSF auditors were active, they had failed to lodge their annual statements. This may be due to poor administrative practices such as failing to keep their contact details up to date on the SMSF auditor register.

SMSF auditors need to ensure they complete and lodge their annual statements as required, or they risk cancellation of their registration. They also need to ensure their contact details are kept up to date. Lodgements of annual statements and updates to contact details can be completed via the ASIC Regulatory Portal.

Background

From 1 July 2013, the Superannuation Industry (Supervision) Act 1993 (SIS Act) required all auditors of SMSFs to be registered with ASIC. This was to ensure that all SMSF auditors meet at least base standards of competency and expertise.

Annually, SMSF auditors must under s128G of the SIS Act lodge a statement with ASIC within 30 days of the anniversary of their registration. These statements collect important compliance information.

ASIC may under s128E of the SIS Act cancel the registration of an SMSF auditor for not complying with s128G of the SIS Act. A cancelled SMSF auditor may reapply for registration in the future.

SMSF auditors may request that ASIC review a decision it has made against them under the SIS Act. If the decision is confirmed or varied, the SMSF auditor may apply to the Administrative Appeals Tribunal for further review of the decision.

Further information can be found on ASIC's website and in ASIC Regulatory Guide 243 Registration of self-managed superannuation fund auditors.

SMSF trustees and members can check whether their auditor is registered by searching ASIC's SMSF Auditor register.