ASIC has cancelled the registration of a further 29 auditors of self-managed superannuation funds (SMSFs) who have failed to lodge their annual statements.

This is in addition to the cancellation of 374 SMSF auditors in January 2023 (23-012MR) and 10 SMSF auditors in May 2022 (22-121MR), as part of ASIC’s current compliance programme.

Notices of cancellation were sent to this latest group of cancelled SMSF auditors on 22 May 2023. They had been advised on 3 August 2022 and 21 March 2023 that they still had outstanding annual statements and that ASIC was considering cancelling their registration.

ASIC communicated to over 1,400 SMSF auditors that they had outstanding annual statements. Most of these auditors subsequently lodged their annual statements.

While many of the cancelled SMSF auditors were active, they had failed to lodge their annual statements. This may be due to poor administrative practices such as failing to keep their contact details up to date on the SMSF auditor register.

From 1 July 2013, the Superannuation Industry (Supervision) Act 1993 (SIS Act) required all auditors of SMSFs to be registered with ASIC. This was to ensure that all SMSF auditors meet at least base standards of competence and expertise.

Annually, SMSF auditors must under s128G of the SIS Act lodge a statement with ASIC within 30 days of the anniversary of their registration. These statements collect important compliance information.

It is important to note that the auditors in default may not, in fact, have conducted any audits and that the cancellation does not imply any culpability beyond failing to, in effect, complete the registration process.

So, actually, while there are scandals about "super," this isn't one of them.