Retirement
Consumers alerted as ASIC boots two auditors
ASIC has disqualified two Queensland SMSF auditors for breaching their obligations, which serves as a reminder to trustees to take care in choosing who does their annual audit.
Consumers alerted as ASIC boots two auditors
ASIC has disqualified two Queensland SMSF auditors for breaching their obligations, which serves as a reminder to trustees to take care in choosing who does their annual audit.
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.
RELATED ARTICLES
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more
Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more
Self managed super fund
SMSF growth continues after pandemic peak
The statistics have begun to change coming out of the COVID-19 pandemic, according to new findings from Australian Investment Exchange Limited (AUSIEX). Read more
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more
Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more
Self managed super fund
SMSF growth continues after pandemic peak
The statistics have begun to change coming out of the COVID-19 pandemic, according to new findings from Australian Investment Exchange Limited (AUSIEX). Read more
