| 1-57742850986 |
Dec. 1, 2023 |
Review of audits |
9. The approved SMSF auditor must appoint an engagement quality control reviewer (EQCR) for each of their first five SMSF audits where the fund has total assets of $500,000 or more. The approved SMSF auditor must not sign and issue an auditor''s report for any one of these audits before the EQCR review of it is complete and they have been notified of such by the EQCR. By 30 November 2024 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide details of the SMSF audits for which the EQCR has been engaged. The details will identify the funds, income years, and (where issued) the audit report dates. For any of the five audits that have auditor''s reports issued after 30 November 2024, the approved SMSF auditor must provide their details to ASIC within two weeks of their respective audit report dates. 10. The EQCR is to be appointed and perform an engagement quality review in accordance with the relevant Australian Auditing and Assurance Standards, including ASQM 2 ''Engagement Quality Reviews'', ASA 220 ''Quality Management for an Audit of a Financial Report and Other Historical Financial Information'', ASA 102 ''Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements'' and ASAE 3000 ''Assurance Engagements Other than Audits or Reviews of Historical Financial Information''. The approved SMSF auditor must ensure through the terms of their engagement that the EQCR provide a written confirmation to ASIC, within two weeks of the completion of their five reviews, that the reviews have been conducted in accordance with the relevant standards and include the details of the audits. The appointment of the EQCR, their reviews and reporting to ASIC are to be conducted at the approved SMSF auditor''s expense. The EQCR must also be an approved SMSF auditor. |
| 1-57742850985 |
Dec. 1, 2023 |
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. |
| 1-57742850984 |
Dec. 1, 2023 |
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. |
| 1-57742850983 |
Dec. 1, 2023 |
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. |
| 1-57742850982 |
Dec. 1, 2023 |
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. |
| 1-57742850981 |
Dec. 1, 2023 |
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. |
| 1-57742850980 |
Dec. 1, 2023 |
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. |
| 1-57742850979 |
Dec. 1, 2023 |
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. |