| 1-59082309866 |
Feb. 22, 2024 |
Notification to professional body |
11. Within one month 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. |
| 1-59082309865 |
Feb. 22, 2024 |
Review SMSF tools, templates and methodology |
9. 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 and is conducted at the approved SMSF auditor''s expense. (a) Within one month 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. (b) 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. (c) 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 two months of the conditions being imposed. |
| 1-59082309864 |
Feb. 22, 2024 |
Independent audit file review |
10. The approved SMSF auditor must engage an independent approved SMSF auditor to undertake a review of three selected SMSF audit files following completion of the SMSF audit tools, templates and methodology review. The independent reviewer is to be someone agreed to by ASIC. 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. (a) On 1 July 2024 the approved SMSF auditor must provide ASIC a list of SMSF audits that they are the appointed auditor for from 31 March 2023. The list is to include the total assets of the SMSF, income year of the audit, and the date the audit was commenced and completed. ASIC will then choose three SMSF audits for review and notify the approved SMSF auditor of the selection. (b) The approved SMSF auditor must provide the independent reviewer the selected audit files within seven days of being notified of the selection and then within two days confirm in writing to ASIC that the files have been provided to the reviewer. (c) The independent reviewer will review the audit files and provide a statement in writing to ASIC within 60 days of receiving them. The statement must detail the scope of the review, any significant deficiencies identified, and whether in the reviewer''s opinion, based on their review, the SMSF audits have been conducted in accordance with the applicable Australian Auditing Standards and the SIS Act. |
| 1-59082309863 |
March 21, 2016 |
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. |
| 1-59082309862 |
March 21, 2016 |
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. |
| 1-59082309861 |
March 21, 2016 |
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. |
| 1-59082309860 |
March 21, 2016 |
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. |
| 1-59082309859 |
March 21, 2016 |
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. |
| 1-59082309858 |
March 21, 2016 |
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. |
| 1-59082309857 |
March 21, 2016 |
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. |