| 1-62173278558 |
May 17, 2013 |
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. |
| 1-62173278557 |
May 17, 2013 |
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. |
| 1-62173278556 |
May 17, 2013 |
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. |
| 1-62173278555 |
May 17, 2013 |
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. |
| 1-62173278554 |
May 17, 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. |
| 1-62173278553 |
May 17, 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. |
| 1-62173278552 |
May 17, 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. |
| 1-62173278551 |
Sept. 16, 2024 |
Review of audits |
9. Following the conclusion of any period for which the approved SMSF auditor''s registration is suspended under s130F(2) of the Superannuation Industry (Supervision) Act 1993, the approved SMSF auditor must appoint an engagement quality control reviewer (EQCR) for each of their first ten SMSF audits where the fund has total assets of $500,000 or more. The EQCR must be an approved SMSF auditor. The EQCR must be independent from the approved SMSF auditor and any partner, member or employee of their firm, practice or employer. The EQCR is to perform engagement quality control reviews for each of the selected SMSF audits in accordance with the relevant Australian Auditing and Assurance Standards including ASQM 2 Engagement Quality Reviews. The approved SMSF auditor must not sign and issue an auditor''s report for a selected SMSF audit before the EQCR review of it is complete. Within 12 months after the conclusion of the relevant period of suspension, and each 12 months after that until ten audits have been reviewed, the approved SMSF auditor is to provide to ASIC a list of the audits reviewed along with details of the EQCR and confirmation from them in writing that they are independent, and the reviews have been conducted, in accordance with this condition. The appointment of the EQCR, their reviews and reporting to ASIC are to be conducted at the approved SMSF auditor''s own expense. |
| 1-62173278550 |
Sept. 16, 2024 |
Audit restriction |
11. During the 12 months immediately following the conclusion of any period for which the approved SMSF auditor''s registration is suspended under s130F(2) of the Superannuation Industry (Supervision) Act 1993, the number of SMSF audit reports signed by the approved SMSF auditor shall be limited to 1000. |
| 1-62173278549 |
Sept. 16, 2024 |
Review tools, templates and methodology |
10. Within three months after the conclusion of any period for which the approved SMSF auditor''s registration is suspended under s130F(2) of the Superannuation Industry (Supervision) Act 1993, the approved SMSF auditor must engage an independent approved SMSF auditor (independent reviewer) to undertake a review of their SMSF audit tools, templates and methodology. The independent reviewer must be independent from the SMSF auditor and any partner, member or employee of their firm, practice or employer. The review is to assess compliance with relevant SMSF auditing and assurance standards. The independent reviewer is to provide written observations to the approved SMSF auditor and the approved SMSF auditor is to provide written responses, including actions to address any issues raised. The independent reviewer''s written comments and the approved SMSF auditor''s written responses are to be provided to ASIC by the approved SMSF auditor within nine months after the conclusion of the relevant period of suspension. The appointment of the independent reviewer, their review and reporting to ASIC are to be conducted at the approved SMSF auditor''s own expense. |
| 1-62173278548 |
Sept. 16, 2024 |
Notification to professional body |
12. Within 21 days of these additional conditions being imposed, the approved SMSF auditor must provide full details of these conditions to their professional accounting association for consideration in any future compliance monitoring activity in relation to the auditor, such as practice reviews; and must provide evidence to ASIC that this has been done. |