The Australian Securities and Investments Commission (ASIC) has taken action against 17 auditors in Australia’s $1 billion self-managed superannuation fund (SMSF) sector for breaching their obligations.
ASIC said that between 1 July and 31 December 2024 it:
- disqualified four SMSF auditors (Joseph Badawy, Gareth Evans, Vjekoslav Fak and Ryan McGrath)
- imposed additional conditions on two auditors (Brent Connor and Sam Danieli) and
- cancelled the registration of 11 auditors (Evan Bekiaris, David Bromet, Judy Chu, Denis Ford, Bruce Mackley, Michael Mazza, Geoffrey Page, Anthony Richards, Michel Schoers, Wayne Tilley and Grace Wong)
ASIC found:
- breaches of obligations like complying with auditing and assurance standards, auditor independence or continuing professional development requirements or holding a current policy of professional indemnity insurance
- non-compliance with annual statements, or
- some did not have the practical experience necessary.
The SMSF auditors were referred to ASIC by the Australian Taxation Office, which confirmed Australia had 4,032 SMSF auditors at 18 March 2025.
They are responsible for providing assurance on assets worth $1 trillion held in more than 638,000 SMSFs.
“SMSF auditors are trusted gatekeepers that contribute to the integrity and confidence in the SMSF regime. ASIC will continue to take action where SMSF auditor conduct is deficient,” ASIC said in a statement.
