ASIC’s annual report indicates more than 300 SMSF auditors were deregistered in the previous financial year, while the number of registered SMSF auditors continues to drop.
In its annual report, ASIC said it deregistered 373 SMSF auditors for not meeting a requirement to pass a competency exam.
Another two SMSF auditors were deregistered as a result of deficient audits.
ASIC also registered 123 SMSF auditors in 2014–15.
At 30 June 2015, there were 6,669 registered SMSF auditors, down from 7,073 in the 2013-14 financial year.
Enquiries to ASIC’s customer contact centre regarding SMSFs dropped from 3,708 in the 2013-14 financial year to 3,140 in the 2014-15 financial year.
ASIC also completed 557 high-intensity surveillances, including risk-based surveillances focused on financial advice (life insurance and SMSFs), property schemes disclosure, payday lenders and home building and motor vehicle insurance.
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