| 1-76030240906 |
April 16, 2026 |
Additional CPD |
9. The approved SMSF auditor must undertake the following additional continuing professional development (CPD) within 12 months from the date the conditions are imposed, which is in addition to the CPD required under s128F(a) of the SIS Act: (a) successfully complete a course of study in relation to conducting SMSF audits, including SIS Act requirements of at least 7 hours provided by Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia or a provider otherwise agreed by ASIC; (b) within one month of completing these additional CPD requirements the approved SMSF auditor must provide to ASIC documentation evidencing the successful completion of the course/s, their duration, syllabus and provider. |
| 1-76030240905 |
April 16, 2026 |
Tools and Templates Review |
10. The approved SMSF auditor must engage an independent approved SMSF auditor (independent reviewer) to undertake a review of their SMSF audit tools, templates and methodology. (a) Within three months after this condition is imposed, the approved SMSF auditor must provide the name and contact details of an independent reviewer to ASIC to consider and approve. The independent reviewer must be approved and agreed to by ASIC. (b) The review is to assess compliance with the SIS Act and relevant auditing and assurance standards. The independent reviewer is to provide written observations to the approved SMSF auditor and the approved SMSF auditor is to provide written responses, including actions to address any issues raised. (c) The independent reviewer''s written comments and the approved SMSF auditor''s written responses are to be provided to ASIC by the approved SMSF auditor within five months after this condition is imposed. (d) This review is to be conducted at the approved SMSF auditor''s expense. |
| 1-76030240904 |
April 16, 2026 |
Independent Review |
11. The approved SMSF auditor must have 10 of their SMSF audits reviewed by an independent approved SMSF auditor (independent reviewer). (a) The independent reviewer and the SMSF audits selected to be reviewed must be approved and agreed to by ASIC. (b) By 30 June 2026 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide ASIC the name and contact details of the proposed independent reviewer and a written statement from the proposed independent reviewer declaring that they are independent of the approved SMSF auditor. (c) By 31 July 2026 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide ASIC with a list of all SMSF audits completed from the date these conditions are imposed until 30 June 2026. The list is to include information such as the total assets of the SMSF and dates the SMSF audit was commenced and completed. ASIC will then choose 10 SMSF audits that the approved SMSF auditor will submit for review by the independent reviewer. (d) The reviewer must be engaged at the approved SMSF auditor''s own expense. (e) Within two weeks from when ASIC notifies the approved SMSF auditor of the audit files selected the auditor must provide the files to the independent reviewer. (f) Within 45 days after receiving the audit files, the independent reviewer must give a written report to ASIC and the approved SMSF auditor. The report must include the scope of the review and the reviewer''s opinion based on their review as to whether the audits were conducted in accordance with the applicable Australian Auditing Standards (and equivalent Australian Assurance Standards) and the SIS Act. The reviewer''s report must describe any deficiencies in the audits identified by the reviewer. (g) Within four weeks after receiving the independent reviewer''s report, the approved SMSF auditor must provide to ASIC an action plan to address any deficiencies identified by the reviewer including for future audits. |
| 1-76030240903 |
May 24, 2013 |
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. |
| 1-76030240902 |
May 24, 2013 |
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. |
| 1-76030240901 |
May 24, 2013 |
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. |
| 1-76030240900 |
May 24, 2013 |
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. |
| 1-76030240899 |
May 24, 2013 |
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. |
| 1-76030240898 |
May 24, 2013 |
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. |
| 1-76030240897 |
May 24, 2013 |
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. |