The Australian Securities and Investments Commission (ASIC) has cancelled 440 SMSF auditor registrations for not satisfying the competency exam needed to retain their registration.
The corporate regulator revealed it cancelled the registration of 373 SMSF auditors for not attempting the exam, while another 67 practitioners had their registration taken away because they failed the exam.
SMSF auditors had until 31 August to fulfil the exam requirement and were given two attempts to pass the exam.
In addition to the cancellations, two other auditors were disqualified for misstating the number of audit reports they had issued in the preceding year to gain an exemption from having to sit the competency exam.
SMSF auditors who have had their registration cancelled can apply to have their registration reinstated if they pass the competency exam in not more than two attempts in the preceding 12 months of the reapplication.
“As the SMSF sector continues to grow in popularity with Australian investors it is critical that SMSF auditors play their key gatekeeping role,” ASIC commissioner Greg Tanzer said.
“ASIC will continue to administer the registration process to assure Australians that SMSF auditors at least meet base standards of competency and expertise.”
