SMSFs in ASIC’s spotlight

Alex Burke,  Senior Writer,  No More Practice Education

Not long after ATO deputy commissioner James O’Halloran flagged an SMSF crackdown at the 2018 National SMSF Conference, ASIC announced a raft of regulatory actions in the sector.

Specifically, ASIC said that it had “considered the conduct” of over 120 SMSF auditors, 98 of which were referred from the ATO. 76 auditors have been removed from the register, one has been suspended temporarily and 24 had conditions imposed upon them.

What were the main concerns?

 

Independence requirements

In some cases, auditors were auditing their own funds in addition to the funds of family members and business partners. Some also audited funds “for which the auditor has also been responsible for preparing accounts or financial statements.”

 

Auditing standards compliance and reporting

Some auditors didn’t plan or properly conduct their duties. Others weren’t obtaining sufficient appropriate audit evidence or adequately documenting audit work.

“These cases included deficiencies in auditing asset values and the treatment of limited recourse borrowing arrangements

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