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Screenshot of a breaking news alert e-mail from Q2 2017
ASIC has cancelled the registration of 133 approved self-managed superannuation fund (SMSF) auditors who did not lodge their annual statements.
On July 28, 2016, ASIC sent a final warning to 185 approved SMSF auditors with outstanding annual statements. ASIC had alerted these auditors on a number of occasions that their registration would be cancelled if their outstanding statements were not lodged with fees paid.
SMSF auditors have had ample time to come to grips with their responsibilities. Auditors who do not ensure that they are aware of and meet their obligations face the risk of losing their registration. An unregistered auditor is not permitted to audit an SMSF. Conducting an audit of an SMSF when not permitted to do so may have further serious consequences for the fund and the auditor.
Approved SMSF auditors can confirm if they have lodged annual statements or update their contact details by accessing their ASIC Connect account.
SMSF trustees and members can check whether their auditor is registered, or whether a person has been disqualified, by searching ASIC’s SMSF Auditor register.