| 1-73091476885 |
Dec. 17, 2025 |
Notification to professional body |
3. 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. |
| 1-73091476884 |
Dec. 17, 2025 |
ASIC SMSF Competency Exam |
1. Within six months of the conditions being imposed the approved SMSF auditor must sit and pass ASIC''s approved SMSF auditor competency exam with no more than two attempts. The auditor must provide to ASIC within 1 week of completing the exam, evidence of the successful completion and passing of the SMSF auditor competency exam. |
| 1-73091476883 |
Dec. 17, 2025 |
Audits to be reviewed |
2. The approved SMSF auditor must have three of their SMSF audits for the income year ended 30 June 2025 (or income year otherwise agreed by ASIC) reviewed by an independent approved SMSF auditor (independent reviewer). (a) The SMSF audits to be reviewed will be selected by ASIC. The selection of independent reviewer must be agreed to by ASIC. (b) By 31 May 2026 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide ASIC the name and contact details of a 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 of for the income year ended 30 June 2025 (or a income year end otherwise agreed by ASIC). The list is to include information such as 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 to review the audit files in accordance with the conditions. (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 reviewer. (f) 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 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 the SIS Act. The reviewer''s report must describe any deficiencies in the audits identified by the reviewer. |