ASIC acts against eight SMSF auditors

On Monday, 11 July, the corporate regulator confirmed it had deregistered five SMSF auditors and imposed additional conditions on the registration of three others.

ASIC said the actions resulted from breaches obligations including auditing and assurance standards, independence requirements, and registration conditions.

In some cases, ASIC did not believe the individual was a fit and proper person to remain registered.

The auditors include:

• Ross Casperson – disqualified as an SMSF auditor in April
• Ian Good – disqualified as an SMSF auditor in April
• Clifton Hammond - disqualified as an SMSF auditor in March
• John Pascoe - disqualified as an SMSF auditor in March
• Phil Scahill - disqualified as an SMSF auditor in March
• Andrew Hunt – additional conditions imposed in May
• Terence Murphy - additional conditions imposed in April
• John Phillips - additional conditions imposed in April

“ASIC expects SMSF auditors to adhere to the ethical and auditing standards given the fundamental role they play in promoting confidence in the SMSF sector,” ASIC commissioner Sean Hughes said.

“ASIC will continue to take action where the conduct of SMSF auditors is inadequate. These actions help protect the integrity of SMSF audits.”

The move comes after ASIC cancelled the registration of 10 SMSF auditors in May 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 to 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.

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.

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.