ASIC has issued a “final warning” to 185 approved SMSF auditors who have yet to lodge their outstanding annual statements.
ASIC says that their registrations as SMSF auditors will be cancelled if the annual statements are not lodged and registration fees paid by the 22nd of July 2016.
“As part of its compliance program, ASIC contacted SMSF auditors who had not lodged their annual statements. ASIC sent emails and letters and telephoned the auditors using the current contact details provided by them. While most of the auditors responded by lodging their outstanding annual statements and paying their lodgement fees, 185 auditors are still yet to comply,” said a statement by ASIC.
“There has been ample time for auditors to come to grips with their responsibilities and multiple reminders have been issued. Auditors who do not ensure that they are aware of and meet their obligations face the risk of losing their registration. An unregistered auditor is not permitted to audit an SMSF. Conducting an audit of an SMSF when not permitted to do may have further serious consequences for the fund and the auditor.”
ASIC has previously notified 811 approved SMSF Auditors that they had not met the requirement to lodge an annual statement or paid the lodgement fees and that their registration may be cancelled. Of these 626 SMSF Auditors lodged their annual statements and paid the outstanding fees.
Approved SMSF Auditors are required to lodge an annual statement with ASIC within 30 days of the annual anniversary of their registration.