| 1-65782535141 |
May 23, 2013 |
Competency exam |
5. The approved SMSF auditor must pass a competency exam conducted by or on behalf of ASIC for the purposes of section 128C of the SIS Act by 1 July 2014. |
| 1-65782535140 |
May 23, 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. |
| 1-65782535139 |
May 23, 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. |
| 1-65782535138 |
May 23, 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. |
| 1-65782535137 |
May 23, 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. |
| 1-65782535136 |
May 23, 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. |
| 1-65782535135 |
May 23, 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. |
| 1-65782535134 |
May 23, 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. |
| 1-65782535133 |
Jan. 22, 2024 |
Audit restriction |
10. The approved SMSF auditor must not audit a SMSF where the auditor, their staff or their firm has or is providing services, including preparing financial statements, where this would result in ''in-house'' audits being conducted as described in the scenarios of chapter 8.5.2, 8.5.3 and 8.5.6 of the APESB''s Independence Guide (fifth edition, May 2020). |