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.

The Australian Securities and Investments Commission (ASIC) has disqualified a Victorian auditor from being an approved SMSF auditor for breaching independence requirements.

The Australian Securities and Investments Commission (ASIC) has disqualified a Victorian SMSF auditor who was convicted of criminal offences and is serving time in prison.

The Australian Securities and Investments Commission (ASIC) has disqualified a New South Wales SMSF auditor for breaching fundamental independence requirements.

SMSFs are expected to distort asset valuations for various reasons as a result of the 2016 budget super reforms, with auditors likely to face multiple risks when going through these funds.

The era of unprecedented rapid technological changes will require SMSF auditors to check that any new automated auditing software and systems meet regulatory compliance and auditing standards.