| 1-74434340138 |
Feb. 10, 2026 |
Notification to professional body |
13. Within one month of these further conditions being imposed the approved SMSF auditor must provide: (a) a copy of the letter formally imposing these further conditions to their professional body to be aware of the conditions for any future compliance monitoring activity in relation to the auditor, such as practice reviews; and (b) evidence to ASIC that the letter has been provided to the professional body. |
| 1-74434340137 |
Feb. 10, 2026 |
Additional CPD |
10. 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 of at least 10 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. |
| 1-74434340136 |
Feb. 10, 2026 |
Independent Review |
11. The approved SMSF auditor must have three of their SMSF audits for the financial year ended 30 June 2025 (or financial year otherwise agreed by ASIC) 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 31 May 2026 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide the ASIC the name and contact details of the proposed independent reviewer. (c) By 30 June 2026 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide ASIC with a list of all SMSFs they are appointed auditor for the financial year ended 30 June 2025 (or a financial year end otherwise agreed by ASIC). 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 three 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. |
| 1-74434340135 |
Feb. 10, 2026 |
Independence threat review |
12. The approved SMSF auditor must: (a) Conduct and document an independence threat review of all audit engagements performed within the 12 month period from when this condition is imposed. As part of the review, for each engagement, the approved SMSF auditor must consider the APESB Independence Guide (Fifth Edition, May 2020) and determine whether any of the scenarios included in part 8 are applicable and if so the possible threats to their auditor independence and whether safeguards have been put in place to address them. (b) The auditor is to provide ASIC a report on the review no later than 13 months from the date this condition is imposed. The report must confirm that the auditor has performed the required review and include details of the results. (c) Provide a declaration to ASIC about whether they have complied with the APES 110 independence requirements for all SMSF audit engagements performed within 12 months of this condition being imposed. The declaration must be provided to ASIC no later than 13 months from the date this condition is imposed. |
| 1-74434340134 |
March 6, 2013 |
Competency exam |
5. The approved SMSF auditor must pass a competency exam conducted by or on behalf of ASIC for the purposes of section 128C of the SIS Act by 1 July 2014. |
| 1-74434340133 |
March 6, 2013 |
Compliance with auditing standards |
9. 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. |
| 1-74434340132 |
March 6, 2013 |
Compliance with auditing and assurance standards |
8. 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. |
| 1-74434340131 |
March 6, 2013 |
Auditor independence requirements |
7. 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. |
| 1-74434340130 |
March 6, 2013 |
Compliance with competency standards |
6. The approved SMSF auditor must comply with any competency standards published by ASIC under section 128Q of the SIS Act. |
| 1-74434340129 |
March 6, 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. |
| 1-74434340128 |
March 6, 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. |
| 1-74434340127 |
March 6, 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. |