subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Consumers alerted as ASIC boots two auditors

SMSF auditors disqualified

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

Consumers alerted as ASIC boots two auditors
SMSF auditors disqualified
nestegg logo
subscribe to our newsletter sign up
Recommended by Spike Native Network
Anonymous - The confiscation of Imputation Credit has been stopped, thanks to the Liberal minded Aussie voters that stand up to correct the inequality so that the.......
Cheryl k - Seems a no brainer
If you want small /medium size business to grow and employ more people vote liberal
If you want to be a self funded retiree vote.......
Rob Colquhoun - Why get married then?....esp the18-24 group, understand for those over 70.....
Anonymous - If Labor wins on Saturday, not many new developments will commence until 1 January 2020, to take advantage of Labor's negative gearing only for new.......