| 1-29204440465 |
June 1, 2018 |
Audit template review |
The approved SMSF auditor must within three months of this condition being imposed, and then again in each year after that, review and revise the audit templates used by the auditor so as to ensure they are appropriate and current. Each of these reviews must be documented and retained for a period of seven years. A copy of the documentation of the first of these reviews is to be provided to ASIC within one month of its completion. |
| 1-29204440464 |
June 1, 2018 |
Audits for Review |
The approved SMSF auditor must have three SMSF audits for the financial year ended 30 June 2018 reviewed by an ASIC approved independent reviewer:a) By 31 January 2019 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide the name and contact details of an independent reviewer to ASIC to consider and approve.b) By 31 January 2019 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide a list of all SMSFs that they are the appointed auditor for the financial year ended 30 June 2018. The list is to include information such as the net 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.c) The ASIC approved independent reviewer will provide a statement in writing to ASIC within 60 days of receiving the three SMSF audit files for review, including any significant deficiencies identified, detailing the scope of their review and whether in the approved independent 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. These reviews are to be conducted at the approved SMSF auditor's expense. |
| 1-29204440463 |
June 1, 2018 |
Additional Training |
The approved SMSF auditor, at his own expense, undertake the following additional professional development (CPD) within six months of the condition being imposed, which is in addition to the CPD required under s128F(a) of the SISA:a) Successfully complete a course of study in relation to the requirements of SMSF audits (at least 7.5 additional hours) provided by the Chartered Accountants Australia and New Zealand (CAANZ) or a provider otherwise agreed by ASIC.The auditor must provide to ASIC within six months and one week of the condition being imposed, evidence of successful completion of the abovementioned course. |
| 1-29204440462 |
June 1, 2018 |
ASIC SMSF Competency examination |
Within six months of the conditions being imposed the approved SMSF auditor must sit and pass the SMSF auditor competency exam. The auditor must provide to ASIC within one week of completing the exam, evidence of the successful completion and passing of the SMSF auditor competency exam. |
| 1-5873834955 |
March 28, 2013 |
Notifications to ASIC |
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. |
| 1-5873834953 |
March 28, 2013 |
Compliance with auditing standards |
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. |
| 1-5873834951 |
March 28, 2013 |
Professional indemnity insurance requirements |
The approved SMSF auditor must at all times maintain a professional indemnity insurance policy which either: i) complies with the level set under a limitation of liability scheme provided by a professional organisation; or ii) has a minimum insured amount of $500,000 together with adequate policy terms covering civil liability claims in respect of SMSF audits. |
| 1-5873834949 |
March 28, 2013 |
Continuing professional development requirements |
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. 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. |
| 1-5873834947 |
March 28, 2013 |
Auditor independence requirements |
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. |
| 1-5873834945 |
March 28, 2013 |
Compliance with auditing and assurance standards |
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. |
| 1-5873834943 |
March 28, 2013 |
Compliance with competency standards |
The approved SMSF auditor must comply with any competency standards published by ASIC under section 128Q of the SIS Act. |