ASIC takes action against a number of approved SMSF auditors

ASIC recently took action against a number of approved SMSF auditors. ASIC felt that the  approved SMSF auditors’ conduct did not meet the required standards and the action taken by ASIC included:

• disqualifying some auditors;
• imposing additional conditions on some approved SMSF auditors ; and
• cancelling the registration of other approved SMSF auditors.

For more information, see ASIC media release https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-016mr-asic-announces-action-against-nine-smsf-auditors/

Approved SMSF auditors are heavily regulated. The ATO is active in auditing and reviewing those auditor. If the ATO is not satisfied in what they see, they might refer the approved SMSF auditor to ASIC. ASIC then might take action again the approved SMSF auditor, such as the actions listed above.

DBA Lawyers has decades of experience in the SMSF industry, including advising and representing approved SMSF auditors.

We are pleased to assist in advising and representing approved SMSF auditors both at the ATO stage and at the ASIC stage.

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This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional. The above does not constitute financial product advice. Financial product advice can only be obtained from a licenced financial adviser under the Corporations Act 2001 (Cth).

Note: DBA Lawyers hold SMSF CPD training throughout the year. For more details or to register, visit www.dbanetwork.com.au or call 03 9092 9400.

For more information regarding how DBA Lawyers can assist in your SMSF practice, visit www.dbalawyers.com.au.

By Nick Walker ([email protected]) Lawyer, and Bryce Figot ([email protected]), Special Counsel, DBA Lawyers

DBA LAWYERS

7 February 2024