News

ASIC, Auditing

ASIC cancels auditor registrations

ASIC SMSF auditor registration

ASIC has cancelled the registration of SMSF auditors who have continued to fail in their obligations to return annual statements.

The Australian Securities and Investments Commission (ASIC) has cancelled the registrations of 10 SMSF auditors who have previously faced similar sanctions after failing to lodge annual statements and currently have at least three outstanding statements.

ASIC said the SMSF auditors, based in New South Wales, Victoria and Queensland, had previously had their registrations reinstated following a review of the corporate watchdog’s previous decision to cancel them, with a clearly stated expectation from the regulator that the auditors would comply with obligations to lodge the statements.

The auditors who have been cancelled and whose registration was cancelled and then reinstated between 2016 and 2018 are:

  • Caren Moroney (Burrum Heads, Queensland) with six annual statements outstanding,
  • Jackie Lao (Carlton, NSW), Rajab Arabi (Kingsgrove, NSW) and Jonathan Dundovic (Green Valley, NSW), each of whom have four annual statements outstanding, and
  • Ronald Targett (Dee Why, NSW), Antony Vidray (Waratah, NSW), Michael Awadalla (Rockdale, NSW), Jeffrey Foden (Oakleigh, Victoria), Kevin Leece (Werribee, Victoria) and Michael Donlon (Palm Beach, Queensland), each of whom have three annual statements outstanding.

SMSF auditors are registered with ASIC to ensure they meet minimum standards of competency and expertise and are required each year to lodge an annual statement with compliance information, and failure to do so can result in the cancellation of an auditor.

ASIC commissioner Sean Hughes said: “SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, so it is crucial that they comply with their regulatory obligations. ASIC will continue to take action where SMSF auditors do not meet these obligations.”

The regulator stated it has recently informed all SMSF auditors with outstanding annual statements they may face cancellation of their registration if they remain non-compliant, but they may request a review of that decision by ASIC or the Administrative Appeals Tribunal.

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital