| 1-75367238227 |
March 20, 2026 |
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. |
| 1-75367238226 |
March 20, 2026 |
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. |
| 1-75367238225 |
March 20, 2026 |
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. |
| 1-75367238224 |
March 20, 2026 |
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. |
| 1-75367238223 |
March 20, 2026 |
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. |
| 1-75367238222 |
March 20, 2026 |
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. |
| 1-75367238221 |
March 20, 2026 |
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. |
| 1-75367238220 |
March 20, 2026 |
Audits to be reviewed |
9. The approved SMSF auditor must, for the first five self-managed super funds (SMSFs) for which they are the appointed auditor, submit immediately upon their completion the audit files for review by an independent approved reviewer (to be approved by ASIC and engaged by the approved SMSF auditor). The independent approved reviewer is to provide a statement in writing to ASIC within 90 days of the signing of the approved SMSF auditor''s report as to whether in the independent approved reviewer''s opinion, based on their review the audits have been conducted in accordance with the applicable Australian Auditing and Assurance Standards and the SIS Act. These reviews are to be conducted at the approved SMSF auditor''s expense. |