ASIC removes 155 SMSF auditors from register in FY17-18

In the 2017-18 financial year, ASIC removed a total of 155 SMSF auditors from the register, including 12 who were disqualified for breaching auditing standards and independence requirements.

In its annual report for the financial year 2017-18, ASIC stated that it removed 155 SMSF auditors from the register during the 12 months to 30 June 2018.

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According to the report, this includes the cancellation of 117 registrations for failure to lodge annual statements and 12 disqualifications for failing to comply with auditing standards, breaches of independence requirements or fitness and property matters.

“The remaining 26 auditors voluntarily requested cancellation after concerns were raised with them by ASIC,” the report stated.

“We imposed conditions on the registrations of nine other SMSF auditors.”

The number of SMSF auditors removed from the register dropped from the previous financial year when 407 SMSF auditors were taken off the SMSF auditor register, 287 of which were removed for failing to lodge annual statements.

The number of SMSF auditors removed for failing to comply with auditing standards, breaching independence requirements, or other fitness and propriety matters is also down from 2016-17, when 15 auditors were removed for these reasons.

The annual report for this year stated that ASIC assessed over 694 applications for registration as auditors, including both company auditors and SMSF auditors.

Of these applications, we approved 195, and 95 were withdrawn, it said.

The report indicated that since the end of the 2013-14 financial year, the number of SMSF auditors has fallen from 7,073 down to 6,039 at 30 June 2018.

ASIC revealed last week that since the beginning of auditor registration in 2013, ASIC has disqualified 76 SMSF auditors for audit quality and independence issues or failure to meet the fit and proper person criteria.