In the quarter ending 31 December 2023, ASIC took action against nine self-managed superannuation fund (SMSF) auditors where we formed the view that conduct did not meet the required standards. This included concerns about compliance with auditing and assurance standards, independence requirements, registration conditions, or for not being a fit and proper person to remain an SMSF auditor.

ASIC Deputy Chair Sarah Court said, ‘SMSF auditors are responsible for auditing over 611,000 SMSFs with total estimated assets of almost $900 billion. In this privileged position, they play a key role in upholding the integrity and confidence of the SMSF sector. ASIC will continue to take action where conduct falls short.’

Between 1 October 2023 and 31 December 2023, ASIC:

disqualified five SMSF auditors,
imposed additional conditions on two SMSF auditors, and
cancelled the registration of two SMSF auditors.
Stephen Bray, Kerpal Harnam, Terence Murphy, Johann Preller and David Sidhu were disqualified from being SMSF auditors. Their names have been placed on ASIC’s public banned and disqualified register and are not eligible to reapply for registration. Mr Murphy and Mr Bray requested ASIC review its disqualification decision which is currently under consideration.

Timothy Davidson and Kylie Wilson had additional conditions imposed on their SMSF auditor registration. Conditions are specific to the auditor (see the SMSF Auditor register), and can require undertaking additional professional development, passing the SMSF auditor competency exam, having independent reviews of SMSF audit files and/or audit tools, templates and methodology and notifying their professional accounting association of the additional conditions.

Vincenzo Dissidomino and Vincent Crowe had their SMSF auditor registration cancelled.

Of the nine SMSF auditors mentioned here, five were referred to ASIC by the Australian Taxation Office (ATO).