| 1-38328363265 |
April 22, 2020 |
Notification of conditions to professional body |
15. Within one month of the conditions being imposed, the approved SMSF auditor must: (a) Provide a copy of the letter formally imposing these further conditions to your professional accounting association for them to be aware of the conditions for any future compliance monitoring activity in relation to the auditor, such as practice reviews and; (b) Provide evidence to ASIC that the letter has been provided to your professional accounting association. |
| 1-38328363264 |
April 22, 2020 |
Independent review |
13. The approved SMSF auditor must, for the first three self-managed super funds (SMSFs) for which they are the appointed auditor (the specified funds to be agreed to by ASIC), 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). 14. 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 Standards and the SIS Act. These reviews are to be conducted at the approved SMSF auditor's expense. |
| 1-38328363263 |
April 22, 2020 |
Competency exam |
8. The approved SMSF auditor must, before issuing any audit reports as an approved SMSF auditor, sit and pass ASIC's approved SMSF auditor competency exam (referred to in section 128C of the SIS Act). 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. |
| 1-38328363262 |
April 22, 2020 |
Additional CPD |
5. The approved SMSF auditor must, before issuing any audit reports as an approved SMSF auditor, successfully complete a course(s) of study in the audit of self-managed superannuation funds (including SIS Act requirements) provided by the Chartered Accountants Australia and New Zealand, CPA Australia or a provider otherwise agreed to by ASIC, of not less than 15 hours duration. 6. This study is in addition to the continuing professional development requirements required under s128F(a) of the SIS Act and prescribed by sub-regulation 9A.04(3) of the SIS Regulations. 7. Within one month of completing this course of study, and before issuing any audit reports as an approved SMSF auditor, the auditor must give ASIC documentation evidencing the successful completion of the course and its duration, syllabus and provider. |
| 1-38328363261 |
July 24, 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. |
| 1-38328363260 |
July 24, 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. |
| 1-38328363259 |
July 24, 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. |
| 1-38328363258 |
July 24, 2013 |
Compliance with competency standards |
9. The approved SMSF auditor must comply with any competency standards published by ASIC under section 128Q of the SIS Act. |
| 1-38328363257 |
July 24, 2013 |
Compliance with auditing standards |
12. 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. |
| 1-38328363256 |
July 24, 2013 |
Compliance with auditing and assurance standards |
11. 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. |
| 1-38328363255 |
July 24, 2013 |
Auditor independence requirements |
10. 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. |