| 1-49942819300 |
July 14, 2022 |
Compliance with auditing standards |
10. 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. |
| 1-49942819299 |
July 14, 2022 |
Compliance with auditing and assurance standards |
9. 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. |
| 1-49942819298 |
July 14, 2022 |
Auditor independence requirements |
8. 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. |
| 1-49942819297 |
July 14, 2022 |
Compliance with competency standards |
7. The approved SMSF auditor must comply with any competency standards published by ASIC under section 128Q of the SIS Act. |
| 1-49942819296 |
July 14, 2022 |
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. |
| 1-49942819295 |
July 14, 2022 |
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. |
| 1-49942819294 |
July 14, 2022 |
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. |
| 1-49942819293 |
July 14, 2022 |
Additional continuing professional development |
5. The approved SMSF auditor must undertake the following additional continuing professional development (CPD) within twelve (12) months of the date the conditions are imposed, which is in addition to the CPD required under s128F(a) of the SIS Act: (a) Successfully complete a course of study in relation to the requirements of an SMSF audit (at least an additional seven (7) hours) provided by Chartered Accountants Australia and New Zealand (CAANZ), CPA Australia or a provider otherwise agreed by ASIC; and (b) Successfully complete a course of study in relation to the requirements of financial statements audit (at least seven (7) additional hours) provided by CAANZ, CPA Australia or a provider otherwise agreed by ASIC. 6. Within twelve months and one week of these further conditions being imposed the approved SMSF auditor must provide evidence to ASIC that these courses have been completed. |
| 1-49942819292 |
July 14, 2022 |
Review of SMSF audit tools, templates and audit files |
11. The approved SMSF auditor must engage an independent approved SMSF auditor to undertake a review of their SMSF audit tools and templates (their methodology) and the audit files for their first three SMSF audit engagements. 12. The independent reviewer is to be someone agreed to by ASIC prior to the completion of the audits. The review is to assess compliance with the auditor''s relevant SIS Act requirements and SMSF auditing and assurance standards. These reviews are to be conducted at the approved SMSF auditor''s expense. 13. The SMSF auditor must provide the audit files and a copy of their methodology to the reviewer before one week after completing the audits. 14. The reviewer''s report is to be provided by the reviewer directly to ASIC within 60 days from them having received the audit files. The reviewer''s report is to contain their compliance opinion on, and details of any significant deficiencies otherwise identified with, the audits and the methodology. |