ASIC has taken significant measures against 15 SMSF auditors.
By imposing conditions on the registration of 13 auditors and accepting voluntary cancellations from two, ASIC addressed serious concerns over the breach of independence requirements.
The Australian Taxation Office (ATO) referred the auditors to ASIC following a review that highlighted instances where firms conducted both accounting and auditing for the same SMSF clients – a violation of independence rules.
ASIC raised concerns over firms preparing financial statements and conducting SMSF audits for the same clients, violating auditor independence requirements.
“Independence is fundamental to auditors to protect the integrity of the SMSF industry,” ASIC deputy chair Sarah Court said in a news release.
The conditions laid out by ASIC focus on prohibiting in-house audits, mandating an independence review for all SMSF audit clients, and requiring auditors to notify their professional associations of these conditions.
One of the affected auditors has sought a review of ASIC’s decision by the Administrative Appeals Tribunal.
SMSF trustees and members are encouraged to use ASIC's SMSF Auditor Register to verify the status of their auditors, ensuring transparency and compliance within the industry.
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