| 1-53830217870 |
Aug. 9, 2016 |
Compliance with auditing standards |
8. The approved SMSF auditor must document, maintain and comply with auditing standards made by the Auditing and Assurance Standards Board under section 336 of the Corporations Act 2001 that are applicable to the duties of an SMSF Auditor. |
| 1-53830217869 |
Aug. 9, 2016 |
Compliance with auditing and assurance standards |
7. The approved SMSF auditor must document, maintain and comply with auditing and assurance standards made by the Auditing and Assurance Standards Board under section 227B of the Australian Securities and Investments Commission Act 2001 that are applicable to the duties of an SMSF Auditor. |
| 1-53830217868 |
Aug. 9, 2016 |
Auditor independence requirements |
6. The approved SMSF auditor must comply with auditor independence requirements produced by the Accounting Professional and Ethical Standards Board Limited set out in the APES 110 Code of Ethics for Professional Accountants. |
| 1-53830217867 |
Aug. 9, 2016 |
Compliance with competency standards |
5. The approved SMSF auditor must comply with any competency standards published by ASIC under section 128Q of the SIS Act. |
| 1-53830217866 |
Aug. 9, 2016 |
Continuing professional development requirements |
3. The approved SMSF auditor must complete at least 120 hours of continuing professional development (CPD) training every three years, which must include 30 hours of training on superannuation, of which at least 8 hours of training is about auditing of SMSFs. 4. The approved SMSF auditor must keep a written record of their participation in CPD activities, which must be kept for at least three years after the end of the calendar year in which the activity took place. |
| 1-53830217865 |
Aug. 9, 2016 |
Professional indemnity insurance requirements |
2. The approved SMSF auditor must at all times maintain a professional indemnity insurance policy which either: (a) complies with the level set under a limitation of liability scheme provided by a professional organisation; or (b) has a minimum insured amount of $500,000 together with adequate policy terms covering civil liability claims in respect of SMSF audits. |
| 1-53830217864 |
Aug. 9, 2016 |
Notifications to ASIC |
1. The approved SMSF auditor must notify ASIC of any change in those matters which are required to be notified under section 128H of the SIS Act. |
| 1-53830217863 |
March 20, 2023 |
Notification of conditions to professional body |
11. Within one month of these conditions being imposed, the approved SMSF auditor must: (a) provide a copy of the letter formally imposing the conditions to their professional accounting association for consideration in any future compliance monitoring activity in relation to the auditor, such as practice reviews; and (b) provide evidence to ASIC that the letter has been provided to the professional accounting association. |
| 1-53830217862 |
March 20, 2023 |
Audit restriction |
9. The approved SMSF auditor must not audit any SMSF that is also a client (for the preparation of accounts or financial statements) of a firm or network firm of the auditor or otherwise any entity that the SMSF auditor has a financial interest in, is employed by or is appointed in any management or governance capacity (including but not limited to being a director, trustee, executive officer). The relevant definitions of a firm and network firm are specified in APES 110 Code of Ethics for Professional Accountants (including Independence Standards). |
| 1-53830217861 |
March 20, 2023 |
Independence threat review |
10. The approved SMSF auditor must provide to ASIC annually for each of the next three years: (a) a list of the audits they have completed (together with details of relevant accountants preparing the funds'' accounts or financial statements) (b) a current assessment of whether the auditor or their firm is part of a firm or network firm as specified in APES 110. Details supporting the assessment must also be provided, including the relevant entities and relationships considered (c) confirmation that they have not audited any funds where they, their firm, or network firm has prepared the accounts and financial statements, and (d) confirmation the accounts and financial statements that the auditor audits, have been prepared by independent accountants. |
| 1-53830217860 |
March 20, 2023 |
Independent review |
12. The approved SMSF auditor must engage an independent approved SMSF auditor to undertake a review of three selected SMSF audit files. The independent reviewer is to be someone agreed to by ASIC. The review is to assess compliance with the auditor''s relevant SIS Act requirements and SMSF auditing and assurance standards. These reviews are to be conducted at the approved SMSF auditor''s expense. 13. On 1 June 2024 the approved SMSF auditor must: (a) provide the name and contact details of a proposed independent reviewer for ASIC to consider along with a statement about their independence. The reviewer must not be engaged until ASIC provides approval to do so; and (b) provide a list of all SMSFs that they are the appointed auditor for the financial year ended 30 June 2023. The list is to include the total assets of the SMSF and the date of the audit report. ASIC will then choose three SMSF audits for review and notify the approved SMSF auditor of the selection. The approved SMSF auditor must provide the reviewer the selected audit files within seven days of being notified of the selection and then within two days confirm in writing to ASIC that the files have been provided to the reviewer. 14. The reviewer will review the selected audit files and provide a statement in writing to ASIC within 60 days of receiving them. The statement must detail the scope of the review, any significant deficiencies identified, and whether in the reviewer''s opinion, based on their review, the SMSF audits have been conducted in accordance with the applicable Australian Auditing Standards and the SIS Act. |
| 1-53830217859 |
March 20, 2023 |
Additional training |
15. Within three months of these conditions being imposed, the approved SMSF auditor must: (a) read the independence, audit evidence and audit documentation paragraphs in the AUASB''s Guidance Statement GS 009 Auditing Self-Managed Superannuation Funds and Chapter 8 of the Independence Guide - Fifth Edition, May 2020 a joint publication issued by APESB, CA ANZ, CPA Australia and the IPA, and (b) successfully complete courses of study in relation to the requirements of SMSF audits, particularly independence, audit evidence and audit documentation, of at least 7 additional hours, provided by a professional accounting association or a provider otherwise agreed to by ASIC. This is in addition to the continuous professional development (CPD) hours required by the SIS Act. 16. Within one week of completing these additional CPD requirements the approved SMSF auditor must provide to ASIC documentation evidencing the successful completion of the reading and courses. For ASIC to confirm the courses are suitable provide the duration, syllabus and provider. |