During the second half of FY25, ASIC acted against the registration of 28 approved self-managed superannuation fund (SMSF) auditors. This brings ASIC's total actions against approved SMSF auditors in FY25 to 48.
ASIC took these actions for various breaches of professional obligations, such as failing to maintain independence, non-compliance with auditing and assurance standards, non-compliance with continuing professional development requirements, failure to lodge annual statements, and/or for not being a fit and proper person to remain an approved SMSF auditor.
SMSF auditors are responsible for providing assurance on assets worth $1 trillion dollars held in over 646,000 SMSFs. SMSF auditors are gatekeepers that contribute to the integrity and confidence in the SMSF regime. ASIC regulates the conduct of SMSF auditors and will continue to act where conduct falls short.
Between 1 January 2025 and 30 June 2025, ASIC:
- disqualified three SMSF auditors
- imposed additional conditions on 12 SMSF auditors, and
- cancelled the registration of 13 SMSF auditor.
Jean-Marcel Majman, Allan Tan and Kennedy Weldemariam were disqualified from being SMSF auditors. Mr Weldemariam requested ASIC reconsider its disqualification decision and the disqualification was confirmed.
Mark Baghdassarian, Shane Brewer, Joseph Choueifaty, Robert Goodwin, Wei He, Owen Houston, Justin Ko, Andrew McConaghy, Dinesh Nanayakkara, Jignesh Raj, Anthony Reynolds and Angelo Russo had additional conditions imposed on their SMSF auditor registrations. A full list of the conditions imposed can be accessed by searching the SMSF auditor's name in ASIC's Professional Registers Search.
The registration of 13 SMSF auditors were cancelled by ASIC for failing to comply with their obligation to lodge annual statements.
Summary of ASIC's approved SMSF auditor decisions in financial year 2025
ASIC announced action taken against SMSF auditors in the second half of 2024 in March 2025 (25-040MR), along with the suspension of three high-volume SMSF auditors in October 2024 (24-241MR).
Between 1 July 2024 and 30 June 2025, ASIC made 48 decisions in relation to the registration of approved SMSF auditors resulting in the:
- disqualification of seven SMSF auditors
- suspension of three SMSF auditors
- imposition of additional conditions on 14 SMSF auditors, and
- cancellation of the registration of 24 SMSF auditors.
Background
Approved SMSF auditors are registered with ASIC under the Superannuation Industry (Supervision) Act 1993 (SIS Act).
ASIC and the Australian Taxation Office work closely together as co-regulators of SMSF auditors. The ATO monitors SMSF auditor conduct and may refer matters to ASIC. ASIC also observes the SMSF auditor population for non-compliance, and is empowered to make administrative decisions to disqualify, suspend, cancel or impose additional conditions on the registration of SMSF auditors.
ASIC may make an order disqualifying or suspending a person from being an approved SMSF auditor, under section 130F of the SIS Act, if the person has failed to carry out or perform adequately and properly the duties and functions of an auditor, or if the person is no longer a fit and proper person to be an approved SMSF auditor. The order disqualifying a person from being an approved SMSF auditor must be published by notifiable instrument detailed in the Notifiable ASIC instruments listing. A disqualified SMSF auditor is placed on ASIC's public banned and disqualified register and is not eligible to reapply for registration unless the disqualification is revoked. Suspension orders are not notifiable instruments, however the approved SMSF auditor status in the register will show 'suspended' during the time of suspension.
ASIC may impose conditions on an SMSF auditor's registration under section 128D of the SIS Act at any time by giving written notice.
ASIC may cancel the registration of an SMSF auditor under section 128E of the SIS Act for non-compliance with conditions, ceasing to have the practical experience necessary for carrying out audits of SMSFs, failing to lodge annual statements in the required timeframe or ceasing to be an Australian resident.
SMSF auditors have the right to seek review of decisions that ASIC makes in relation to their registration under the SIS Act, by requesting that ASIC reconsider a decision it has made against them. If a decision is confirmed or varied, the SMSF auditor has a further right to make an application to the Administrative Review Tribunal for review of the confirmed or varied decision.
More information
- Further information can be found on ASIC's SMSF auditors webpage and in Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243).
Anyone can search for a registered SMSF auditor and their current status by checking ASIC's Professional Registers Search.
