Australia’s corporate regulator has moved against another 28 approved self‑managed superannuation fund (SMSF) auditors in the second half of FY25, taking the total number of actions for the year to 48.
ASIC said it had acted over breaches of professional obligations, including failing to maintain independence, not complying with auditing and assurance standards, not meeting continuing professional development requirements, failing to lodge annual statements, and where individuals were not considered fit and proper to remain approved SMSF auditors.
Between 1 January and 30 June 2025, ASIC disqualified three SMSF auditors, imposed additional conditions on 12, and cancelled the registrations of 13 auditors. 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.
Additional conditions were imposed on the registrations of 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. ASIC said the specific conditions can be viewed by searching the auditors’ names on its Professional Registers. The 13 cancellations were for failing to comply with the obligation to lodge annual statements.
ASIC’s actions come in a sector where SMSF auditors provide assurance over about $1 trillion in assets held by more than 646,000 funds. The regulator said SMSF auditors are gatekeepers who contribute to the integrity and confidence in the regime and that it will continue to act where conduct falls short.
For the full 2024–25 financial year, ASIC made 48 decisions affecting approved SMSF auditors, comprising seven disqualifications, three suspensions, 14 instances of additional conditions being imposed, and 24 cancellations. The latest outcomes follow action against 17 SMSF auditors announced in March 2025 for the second half of 2024, and the suspension of three high‑volume SMSF auditors in October 2024.
Approved SMSF auditors are registered with ASIC under the Superannuation Industry (Supervision) Act 1993. ASIC and the Australian Taxation Office co‑regulate SMSF auditors: the ATO monitors auditor conduct and may refer matters, while ASIC surveils the population for non‑compliance and can take administrative action.
Under section 130F of the SIS Act, ASIC may disqualify or suspend an approved SMSF auditor who has failed to perform their duties adequately and properly, or who is no longer a fit and proper person. Disqualification orders are published as notifiable instruments and disqualified auditors are placed on ASIC’s public banned and disqualified register; suspension status appears on the professional register for the duration of a suspension. ASIC can impose conditions at any time under section 128D, and cancel registration under section 128E for reasons including non‑compliance with conditions, insufficient practical experience, failing to lodge annual statements on time, or ceasing to be an Australian resident.
Auditors subject to ASIC decisions may seek an internal reconsideration. If a decision is confirmed or varied, they can apply to the Administrative Review Tribunal for external review.
Members of the public can check the status of an SMSF auditor via ASIC’s Professional Registers and access guidance for auditors through the regulator’s SMSF auditors webpage and Regulatory Guide 243.
