John Gilliland and Douglas Coghlan were found to have separately violated SMSF auditor registration conditions by auditing their own funds, the fund of an immediate family member and the fund of a close family member.
John Price, ASIC commissioner, said ensuring auditors honour registration requirements is of the utmost importance to the corporate regulator.
“Self-managed superannuation fund auditors play a fundamental role in promoting confidence in the sector,” he said.
“ASIC will continue to take action to ensure auditors adhere to ethical standards.'
Since 1 July 2013, Superannuation Industry (Supervision) Act has required all SMSF auditors to be registered with ASIC to guarantee they are meeting ethical and competency standards.
In a statement issued on Friday, ASIC revealed it has deregistered, suspended or imposed conditions on 101 SMSF auditors since 2013 due to poor audit quality, independence issues or a failure to meet fit and proper person criteria.
This includes issues such as not planning or properly performing audits, failing to obtain adequate audit evidence, not fully documenting audit work, not identifying or reporting on non-compliances, delivering false or misleading statements, insolvency or bankruptcy, fraud, failing to manage their own tax compliance, not co-operating with ATO and ASIC's enquiries and/or breaching the duties of a registered company auditor.
SMSF trustees and members can check the registration of their auditor, or if they have been disqualified, by searching ASIC's SMSF auditor register.