The mandatory registration of self-managed super fund (SMSF) auditors could see a large number of practitioners dropping out of the SMSF audit space, it has been claimed.
Belinda Aisbett, director of Super Sphere, an independent SMSF audit firm, believes the soon-to-be mandatory registration for anyone conducting an SMSF audit will result in a change in the number and type of SMSF auditors.
“I think there will be a shift in demographics; I think auditors who have historically audited a small number of funds and those who are close to retirements will get out of the space,” she said.
However, Ms Aisbett doesn’t expect trustees to encounter difficulties getting their funds audited.
“There will still be plenty of registered SMSF auditors, even if the suggested 50 per cent of auditors choose not to register with ASIC” she said.
In addition, Ms Aisbett doesn’t believe registration would have any serious impact on how auditors run their business.
“There’s not going to be too many changes,” she said.
“From an auditor’s point of view, it’s just another process we have to go through. For the majority of auditors, all of the requirements to register with ASIC are already obligations we have to fulfil.”
Registration is mandatory from 1 July 2013.
