ASIC cancels registration of 10 SMSF auditors

ASIC has announced it has cancelled the registration of 10 self-managed superannuation funds (SMSFs) auditors for failing to lodge their annual statements.

The auditors’ registrations that were axed had previously been reinstated after being cancelled for the same reason between 2016-2018.  

ASIC said it previously reinstated each registration with a “clearly-stated expectation” that they would comply with their obligation to lodge their annual statements.

The names include: 

• Rajab Arabi - four annual statements outstanding;
• Michael Awadalla - three annual statements outstanding;
• Michael Donlon – 3 annual statements outstanding;
• Jonathan Dundovic – four annual statements outstanding;
• Jeffrey Foden – three annual statements outstanding;
• Jackie Lao – three annual statements outstanding;
• Kevin Leece – three annual statements outstanding;
• Caren Moroney – six annual statements outstanding;
• Ronald Targett – three annual statements outstanding; and
• Antony Vidray – three annual statements outstanding.

“SMSF auditors play a fundamental role in promoting confidence and instilling trust in the SMSF sector, so it is crucial that they comply with their regulatory obligations,” Commissioner Sean Hughes said.

“ASIC will continue to take action where SMSF auditors do not meet these obligations.”

In April, ASIC revealed that it had taken action against 19 auditors since 1 July 2021.

Of that number, 12 were deregistered, while additional conditions were imposed on the registration of seven others.

For seven of those deregistered, ASIC accepted voluntary cancellations.

Actions resulted from breaches of obligations such as auditing and assurance standards, independence requirements and registration conditions, or because ASIC deemed the individual not a fit and proper person to remain registered.

ASIC also revealed that 13 of the breaches identified were referred to by the Australian Tax Office (ATO), while six were identified directly by the regulator.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.