The Australian Securities & Investments Commission took enforcement action against 28 self-managed superannuation fund (SMSF) auditors in the first half of the 2025–26 financial year, cancelling registrations, imposing additional conditions or disqualifying auditors for breaches of professional obligations. The regulator also flagged increased scrutiny of “in-house audits”, where an auditor audits SMSF financial statements for a client that the auditor’s firm also provides accounting services to. Between 1 July 2025 and 31 December 2025, ASIC disqualified four auditors, imposed conditions on two, and cancelled the registrations of 22. The actions followed findings including non-compliance with auditing and assurance standards, independence, continuing professional development and professional indemnity insurance requirements, failures to lodge annual statements or keep contact details updated on the public register, non-responsiveness to compliance requests, and insufficient audit work to meet practical experience requirements. ASIC named Andy Choi, Robert Morey, Andrew Orphanides and Ermis Yianni as disqualified, and John Couroyannis and Dawid Maj as subject to additional conditions; nine cancellations were linked to a lack of significant audit work in the last five years following referrals from the Australian Taxation Office. On in-house audits, ASIC noted that Mr Orphanides and Mr Yianni were disqualified after ASIC found they continued auditing SMSFs whose financial statements were prepared by staff in their own firm, despite prior conditions intended to address the issue; ASIC referenced a 2025 ATO review indicating up to 800 SMSF auditors may still be conducting in-house audits. ASIC noted that SMSF auditors can seek review of registration decisions, including reconsideration by ASIC and further review by the Administrative Review Tribunal. ASIC confirmed the disqualifications of Mr Morey and Mr Yianni after reconsideration requests, and both have applied to the tribunal for review.
Australian Securities & Investments Commission 2026-01-29
Australian Securities & Investments Commission cancels, conditions or disqualifies 28 SMSF auditors and increases scrutiny of in-house audit independence breaches
ASIC took enforcement action against 28 SMSF auditors in the first half of 2025–26, resulting in disqualifications, registration cancellations, and additional conditions due to professional breaches. ASIC highlighted increased scrutiny on "in-house audits" and confirmed that disqualified auditors can seek review of registration decisions through ASIC and the Administrative Review Tribunal.