The SMSF Association has announced its support for the Australian Securities and Investments Commission’s (ASIC) recent decision to take action against 17 SMSF auditors for breaching their professional standards.
Association chief executive John Maroney said: “The action taken by the regulator to disqualify three SMSF auditors and impose conditions on the registration of another 14 where their work failed to meet the necessary professional standards is to be commended.
“We also support the ATO and the effective working relationship it has established with ASIC that has resulted in an outcome that can only benefit the integrity of the SMSF sector and deliver better outcomes for SMSF trustees and members.”
ASIC took action against the auditors due to concerns about their failure to meet independence and auditing standards, minimum continuing professional development hours and the lodging of annual statements.
Maroney noted independent SMSF auditors were “essential to the integrity” of the sector and pointed out the majority of SMSF auditors met the standards required in order to fulfil their professional duties.
“The association maintains that SMSF auditors are key to the long-term health of the sector. This is why it is so important that auditors are held to the rigorous standards expected of them under the law by the regulators,” he added.
He also said ASIC’s decision to take action highlighted the importance of SMSF-specific education and qualifications in the provision of services to trustees.