ASIC’s “Overview of licensing and professional registration applications: July to December 2015” shows the number of approved SMSF auditors for the period just about matched the number of SMSF auditors who had their registrations cancelled.
The corporate regulator’s records showed 71 SMSF auditors had their registrations approved between July and December last year.
By contrast, 62 SMSF auditors had their registrations cancelled and 49 applicants asked for their registration to be withdrawn over the same period.
Of the 62 practitioners who had their registrations cancelled, 59 were cancelled at the auditors’ request. According to ASIC, the requests generally stemmed from the individual’s retirement, change of career path or death.
The other three cancellations were made as a result of investigations performed by the regulator resulting in disqualification orders declaring the auditor as not a fit and proper person to be holding that office.