| 1-58627139064 |
May 1, 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. |
| 1-58627139063 |
May 1, 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. |
| 1-58627139062 |
May 1, 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. |
| 1-58627139061 |
May 1, 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. |
| 1-58627139060 |
May 1, 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. |
| 1-58627139059 |
May 1, 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. |
| 1-58627139058 |
May 1, 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. |
| 1-58627139057 |
Jan. 29, 2024 |
Audit restriction |
9. Mr Yianni must not audit a SMSF where he or Yianni and Co have provided accounting and bookkeeping services, including preparing financial statements, unless those services are of a routine or mechanical nature and Mr Yianni and Yianni and Co have addressed any threats that are not at an acceptable level. |
| 1-58627139056 |
Jan. 29, 2024 |
Independence threat review |
10. Mr Yianni 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. (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. The details of the results are to include the audits reviewed (the name and Australian Business Number of the funds and the relevant financial years), what threats to independence have been identified and any safeguards adopted. (c) the report must provide a declaration about whether the auditor has complied with APES 110 independence requirements for all SMSF audit engagements performed after this condition was imposed. |