The federal government’s 2018 budget measure to allow SMSFs with a good compliance and record-keeping history the ability to switch to a three-yearly audit cycle will potentially increase costs for trustees and make the audit process more burdensome, according to an auditor.

Arguments the federal budget measure to allow SMSFs to switch to a three-year audit cycle will reduce compliance costs are myopic, according to an accounting body.

A 2018 federal budget measure to require SMSFs with a good compliance record to be audited once every three years rather than annually will have a sizeable negative impact on SMSF auditors, an accounting industry body said tonight.

The Australian Securities and Investments Commission (ASIC) has cancelled the registration of 117 approved SMSF auditors who failed to lodge their annual statements.

The Australian Securities and Investments Commission (ASIC) has disqualified Robert Newham of the Australian Capital Territory from being an approved SMSF auditor for breaching independence requirements and professional development obligations.