The Australian Securities and Investments Commission (ASIC) has acted against the registration of 28 approved SMSF auditors in the first six months of 2025.
The actions included the disqualification of three SMSF auditors – Jean-Marcel Majman, Allan Tan and Kennedy Weldemariam – the imposition of additional conditions on 12 practitioners and cancelling the registration of 13 other professionals.
ASIC’s total actions against approved SMSF auditors in the 2025 financial year came to 48.
The regulator indicated the actions were taken due to various breaches of professional obligations, such as failing to maintain independence, non-compliance with auditing and assurance standards, non-compliance with continuing professional development requirements, failure to lodge annual statements and/or for not being a fit and proper person to remain an approved SMSF auditor.
The corporate watchdog reminded the industry SMSF auditors are responsible for providing assurance on assets worth $1 trillion held in over 646,000 funds.
“SMSF auditors are gatekeepers that contribute to the integrity and confidence in the SMSF regime. ASIC regulates the conduct of SMSF auditors and will continue to act where conduct falls short,” ASIC said.
The 12 auditors who had additional conditions imposed on their registration were Mark Baghdassarian, Shane Brewer, Joseph Choueifaty, Robert Goodwin, Wei He, Owen Houston, Justin Ko, Andrew McConaghy, Dinesh Nanayakkara, Jignesh Raj, Anthony Reynolds and Angelo Russo.
Additional conditions can include obligations such as the requirement to engage an independent ASIC-approved SMSF auditor to undertake a review of audit tools, templates and methodology, or to have a set number of sector audits for the financial year reviewed by an independent ASIC-approved SMSF auditor.
Conditions imposed on particular SMSF auditors can be found by looking for their name in ASIC’s Professional Registers Search.
Thirteen SMSF auditors were deregistered as it was determined they failed to comply with their obligation to lodge annual statements.
