| 1-55981399343 |
Aug. 8, 2023 |
Notify ASIC |
10. The approved SMSF auditor must notify ASIC within 7 days of being engaged as an SMSF auditor and before signing any SMSF audit reports. |
| 1-55981399342 |
Aug. 8, 2023 |
Independent file reviews |
11. The approved SMSF auditor must have their next three SMSF audits reviewed by an independent approved SMSF auditor. The selection of reviewing auditor must be agreed to by ASIC. 12. Within two weeks of notifying ASIC of the approved SMSF auditor''s engagement as an SMSF auditor the approved SMSF auditor must provide ASIC the name and contact details of a proposed independent reviewer. 13. The reviewer must be engaged at the approved SMSF auditor''s own expense to review the audit files in accordance with these conditions. 14. Within two weeks of the audits being completed the approved SMSF auditor must provide the files to the reviewer. 15. ASIC must receive a written report from the reviewer within 45 days after receiving the audit files. The reviewer''s report must include the scope of the review, the reviewer''s opinion based on their review as to whether the audits were conducted in accordance with the applicable Australian Auditing Standards and the SIS Act, and as attachments the review checklists completed for each audit file. The review checklists will be provided by ASIC. The reviewer''s report must describe any deficiencies in the audits identified by the reviewer. |
| 1-55981399341 |
Aug. 8, 2023 |
CPD and Practical Experience |
16. The approved SMSF auditor must report to ASIC every three years from the date of the conditions being imposed their record of continuing professional development (CPD) and how the approved SMSF auditor has maintained their practical experience. |
| 1-55981399340 |
July 23, 2018 |
Audit Restrictions |
1. The approved SMSF auditor cannot undertake SMSF audits: (a) under any of the examples included in Section 9 of the Independence Guide Fourth Edition, February 2013 published by the Joint Accounting Bodies (b) under any of the scenarios listed in Appendix 5 of GS009 Auditing Self-Managed Superannuation Funds regardless of any safeguards. (''restricted audits'') |
| 1-55981399339 |
May 22, 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. |
| 1-55981399338 |
May 22, 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. |
| 1-55981399337 |
May 22, 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. |
| 1-55981399336 |
May 22, 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. |
| 1-55981399335 |
May 22, 2013 |
Continuing professional development requirements |
4. 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. 5. 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. |
| 1-55981399334 |
May 22, 2013 |
Professional indemnity insurance requirements |
3. 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. |
| 1-55981399333 |
May 22, 2013 |
Notifications to ASIC |
2. 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. |