ASIC ramps up action against SMSF auditors

ASIC has stepped up enforcement against self-managed superannuation fund (SMSF) auditors, acting against 64 practitioners during the 2025-26 financial year amid concerns over compliance and professional standards across the sector.

The corporate regulator said it took administrative action against 36 approved SMSF auditors between January and June 2026, bring the total number of enforcement actions for FY26 to 64.

The actions targeted a range of breaches, including failures to maintain auditor independence, non-compliance with auditing and assurance standards, inadequate continuing professional development, insufficient practical experience, failing to lodge annual statements and concerns about whether individuals remained fit and proper to hold registration.

ASIC commissioner Kate O'Rourke said SMSF auditors played a critical role in safeguarding confidence in a sector responsible for auditing more than $1 trillion in retirement savings across more than 672,000 SMSFs.

"SMSF auditors play a fundamental role in promoting confidence and instilling trust in the entire SMSF sector," O'Rourke said.

"It is crucial that SMSF auditors comply with their regulatory obligations. ASIC will continue to take action where they do not meet these obligations."

Between January and June, ASIC disqualified four SMSF auditors, suspended three, imposed additional conditions on eight and cancelled the registrations of 21 auditors.

Across the full financial year, the regulator disqualified eight auditors, suspended three, imposed additional conditions on 10 and cancelled the registrations of 43.

ASIC said two registrations were cancelled for failing to maintain practical experience and failing to lodge annual statements, while a further 19 were cancelled for repeated failures to lodge annual statements. One of those registrations was later reinstated after the auditor sought a review.

Approved SMSF auditors are registered under the Superannuation Industry (Supervision) Act 1993, with ASIC and the ATO jointly overseeing the sector. Auditors subject to ASIC decisions May seek an internal review and, where applicable, appeal to the Administrative Review Tribunal.