ASIC reports further drop in registered auditors
The number of registered SMSF auditors saw a further decline in the six months to 30 June 2015, according to ASIC, with 67 auditors becoming registered but 81 auditor registrations cancelled.
In an overview of licensing and professional registration applications in the first six months of 2015, ASIC said 80 of the SMSF auditor registrations cancelled were cancelled at the request of the SMSF auditor.
“Reasons are not recorded – however, these generally related to retirement, different career paths and death,” said ASIC.
The remaining SMSF auditor registration was cancelled following action initiated by ASIC, which in this particular case was a disqualification order, the report stated.
The number of SMSF auditor registrations increased from the July to December 2014 period, during which ASIC registered 56 applicants as approved SMSF auditors.
Withdrawals were down from the second half of 2014 when there were 49 applications for registration withdrawn, with only 23 applications for registration of an approved SMSF auditor withdrawn in the six months to the end of June.
Cancellations also decreased significantly. ASIC said that in the 2014 report it had cancelled the registrations of 426 approved SMSF auditors for not completing their SMSF auditor competency examination by 30 June 2014.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.