ASIC this afternoon announced it has cancelled the registration of 440 SMSF auditors who did not undertake or pass a competency exam necessary to retain their registration.
In a statement, ASIC stated it also disqualified two SMSF auditors whose applications for registration had overstated the number of SMSF audit reports they had issued in the preceding 12 months, to avoid the requirement to sit the competency exam.
Of the 440 auditors whose registration was cancelled, 373 did not attempt the exam and 67 did not pass the exam, ASIC stated.
Auditors were given up to two attempts to pass the exam and ASIC extended the period to pass the exam to 31 August 2014.
“As the SMSF sector continues to grow in popularity with Australian investors, it is critical that SMSF auditors play their key gatekeeping role,” said ASIC commissioner Greg Tanzer.
“ASIC will continue to administer the registration process to assure Australians that SMSF auditors at least meet base standards of competency and expertise.”
ASIC said those SMSF auditors who have had their registrations cancelled can re-apply for registration if they have passed the competency exam in no more than two attempts over the preceding 12 months.
“ASIC and the ATO work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and may refer matters to ASIC for possible disqualification or suspension of their registration,” ASIC stated.
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