In a public statement, ASIC said it has cancelled or imposed conditions on the registration of a number of auditors who it states had not maintained an appropriate level of audit experience.
Following a recent review, ASIC said that 36 SMSF auditor registrations have been cancelled and conditions have been imposed on a further six SMSF auditors.
“All of the 42 SMSF auditors against whom ASIC acted had not issued any SMSF audit reports over the past five years and thus were not considered to have the necessary practical experience required to perform SMSF audits,” the corporate regulator said.
“In relation to the six auditors who had conditions imposed on them, ASIC was satisfied that it would be an appropriate alternative to cancellation considering the auditors’ individual circumstances and other relevant (non-SMSF audit) experience.”
The various conditions imposed across these auditors were:
- Independent reviews – Having a number of audits reviewed by an independent SMSF auditor for compliance with auditing standards
- Education – Completing specific courses of study, including in audit and fund compliance requirements, under the Superannuation Industry (Supervision) Act 1993 (SIS Act) compliance
- ASIC exam – Sitting and passing ASIC’s SMSF auditor competency exam prior to issuing any SMSF audit reports
ASIC stated that section 123E of the SIS Act allows the cancellation of the registration of an SMSF auditor who no longer has the practical experience required to perform SMSF audits.
Approved SMSF auditors seeking to cancel their registration voluntarily can do so through the ASIC Regulatory Portal, it added.
They are probably happy about it because if they applied to cancel it themselves there is an $800 fee. How ridiculous is that!!
I’d cancel my own, but I gather it’s going to cost me $899 to do so … why should I pay when company auditors can cancel for free?
What are you serious how ridiculous is that but not surprising from ASIC bigger revenue raiser out there. Talk about fee for no service