ASIC Cracking down on SMSF Auditors

ASIC

The Australian Securities and Investments Commission (ASIC) has taken significant regulatory action against self-managed superannuation fund (SMSF) auditors in the 2024–25 financial year, cancelling, disqualifying, suspending, or imposing additional conditions on numerous auditors. These actions were taken against auditors for breach of failure to maintain independence, non-compliance with auditing standards, not meeting continuing professional development requirements, failing to lodge annual statements.

SMSF auditors play a crucial role in safeguarding the integrity of over $1 trillion in assets held by more than 646,000 SMSFs, and ASIC has made clear it will intervene when professional obligations are not met.

For full details, visit ASIC’s website. Click Here