Business News

Auditor annual statements critical: ASIC

The Australian Securities and Investments Commission (ASIC) has sent a final warning to 185 approved SMSF auditors that their registration will be cancelled if their outstanding annual statements are not lodged with fees paid by 22 July.

ASIC restated that ample time had been given for auditors to come to grips with their responsibilities, with multiple reminders issued.

The corporate watchdog, as a part of its compliance program, contacted a number of auditors who failed to lodge annual statements.

Most of the auditors responded by meeting their outstanding obligations, however, according to ASIC, there were still 185 auditors yet to comply.

ASIC warned those auditors they risked losing their registration and could face serious consequences if they continued to conduct audits of an SMSF when not permitted to do so.

Approved SMSF auditors can confirm if they have lodged annual statements or update their contact details by accessing ASIC Connect.

SMSF trustees and members can check whether their auditor is registered or whether a person has been disqualified by searching ASIC’s SMSF Auditor register.

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