ASIC has cancelled the registration of 133 approved SMSF auditors who didn’t lodge their annual statements.
“ASIC had alerted these auditors on a number of occasions that their registration would be cancelled if their outstanding statements were not lodged with fees paid,” said a statement by ASIC.
In July ASIC issued a “final warning” to 185 approved SMSF auditors who had yet to lodge their outstanding annual statements.
“SMSF auditors have had ample time to come to grips with their responsibilities. 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 so may have further serious consequences for the fund and the auditor,” said ASIC.
Since 1 July 2013 SMSF auditors have been required to be registered with ASIC. “This was to ensure that all SMSF auditors at least meet the base standards of competency and expertise,” says ASIC.
“Approved SMSF auditors need to lodge an annual statement with ASIC within 30 days of the annual anniversary of their registration. ASIC sends email notifications on anniversary dates advising that annual statements are ready for completion. If an extension of time to lodge the annual statement is required, a written request to ASIC must be made before the due date. An annual statement is not considered to be lodged until the required lodgement fee has been paid.”