Kylie Wilson

Name
Kylie Wilson
ID
100214720
ABN
Registration date
June 21, 2013
Status
Registered
Address
Kelvin Grove, 4059, QLD

Capacities

Firm name
Wilson Ross Accountants
Appointment type
Employee of Audit Firm
Date commenced
June 21, 2013

Conditions

ID Date Condition Details
1-55804153241 June 21, 2013 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.
1-55804153240 June 21, 2013 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.
1-55804153239 June 21, 2013 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.
1-55804153238 June 21, 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.
1-55804153237 June 21, 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.
1-55804153236 June 21, 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.
1-55804153235 Feb. 24, 2023 ASIC SMSF auditor Competency exam 5. The approved SMSF auditor must, within 12 months of the condition being imposed, complete and pass ASIC''s approved SMSF auditor competency exam (referred to in section 128C of the SIS Act). 6. The auditor must provide to ASIC within 12 months and one week of the condition being imposed, evidence of the successful completion and passing of the SMSF auditor competency exam.
1-55804153234 July 28, 2023 Review of audits 11. The approved SMSF auditor must have three of their SMSF audits for the financial year ended 30 June 2023 (or financial year end otherwise agreed by ASIC) reviewed by an independent approved SMSF auditor. 12. The SMSF audits to be reviewed will be selected by ASIC. The selection of reviewing auditor must be agreed to by ASIC. 13. By 31 May 2024 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide ASIC the name and contact details of a proposed independent reviewer. 14. By 30 June 2024 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide a list of all SMSFs that they are appointed auditor for the financial year ended 30 June 2023 (or financial year end otherwise agreed by ASIC). The list is to include information such as total assets of the SMSF and dates the SMSF audit was commenced and completed. ASIC will then choose three SMSF audits that the approved SMSF auditor will submit for review by the independent reviewer. 15. The reviewer must be engaged at the approved SMSF auditor''s own expense to review the audit files in accordance with these conditions. 16. Within two weeks from when ASIC notifies the approved SMSF auditor of the audit files selected the auditor must provide the files to the reviewer. 17. ASIC must receive a written report from the reviewer within 45 days after receiving the audit files. The reviewer''s report must include the scope of the review, the reviewer''s opinion based on their review as to whether the audits were conducted in accordance with the applicable Australian Auditing Standards and the SIS Act, and as attachments the review checklists completed for each audit file. The review checklists will be provided by ASIC. The reviewer''s report must describe any deficiencies in the audits identified by the reviewer.
1-55804153233 July 28, 2023 Review tools, templates and methodology 18. 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 review is to assess compliance with relevant SMSF auditing and assurance standards. 19. Within nine (9) months of the conditions being imposed, the approved SMSF auditor must provide the name and contact details of an independent reviewer to ASIC for ASIC to consider and approve. 20. 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. 21. 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 twelve (12) months of the conditions being imposed.
1-55804153232 July 28, 2023 Notification to professional body 22. Within six months of these further conditions being imposed, the approved SMSF auditor must provide: (a) a copy of the letter formally imposing these further conditions to their professional body to be aware of the conditions for any future compliance monitoring activity in relation to the auditor, such as practice reviews; and (b) evidence to ASIC that the letter has been provided to the professional body.

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