| 1-25585171652 |
July 27, 2017 |
Additional continuing professional development |
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: •Successfully complete a course of study in relation to the requirements of an SMSF audit (at least an additional seven hours) provided by Chartered Accountants Australia and New Zealand or a provider otherwise agreed by ASIC; and •Successfully complete a course of study in relation to Ethics (at least an additional four and a half hours) provided by Chartered Accountants Australia and New Zealand or a provider otherwise agreed by ASIC. Within a month after completing these additional CPD requirements the approved SMSF auditor must provide to ASIC documentation evidencing the successful completion of the courses, their duration, syllabus and provider. |
| 1-25585171651 |
July 27, 2017 |
Certifies to ASIC periodically |
The approved SMSF auditor certifies to us periodically (each quarter) in the next twelve months: •that he has not audited any funds where his practice has prepared the accounts, and •the accounts have been prepared by independent accountants where he has performed an audit. |
| 1-25585171610 |
July 27, 2017 |
SMSF auditor software |
The approved SMSF auditor must implement SMSF auditor software which complies with current legislative requirements within six (6) months of the date of this letter. The approved SMSF auditor must provide to ASIC documentation of the acquisition of the auditing and compliance software. |
| 1-5331742756 |
March 8, 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. |
| 1-5331742754 |
March 8, 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. |
| 1-5331742752 |
March 8, 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. |
| 1-5331742750 |
March 8, 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. |
| 1-5331742748 |
March 8, 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. |
| 1-5331742746 |
March 8, 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. |
| 1-5331742744 |
March 8, 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. |