| 1-36708635273 |
Dec. 4, 2019 |
Review of audits |
11. The approved SMSF auditor must have five SMSF audits for the financial year ended 30 June 2019, or a year end otherwise agreed by ASIC, reviewed by an ASIC approved independent reviewer: (a) By 31 May 2020 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide the name and contact details of an independent reviewer to ASIC to consider and approve. (b) By 31 May 2020 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide a list of all SMSFs that they are the appointed auditor for the financial year ended 30 June 2019 or a year end otherwise agreed by ASIC. The list is to include information such as the net assets of the SMSF and dates the SMSF audit was commenced and completed. ASIC will then choose five SMSF audits that the approved SMSF auditor will submit for review by the independent reviewer. (c) The audit files must be provided to the reviewer within two days of ASIC notifying the approved SMSF auditor of the files selected for review. (d) The reviewer must review the audit files and for each file complete a review checklist provided by ASIC. (e) The ASIC approved independent reviewer will provide a written statement to ASIC within 60 days of receiving the five SMSF audit files for review along with the review checklists completed for each audit file. The statement must detail the scope of the review, any significant deficiencies identified, and whether, in the approved independent 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. (f) These reviews are to be conducted at the approved SMSF auditor's expense. |
| 1-36708635272 |
Dec. 4, 2019 |
Additional CPD |
5. The approved SMSF auditor must undertake the following additional continuing professional development (CPD) within six (6) months from the date the condition is imposed: (a) Successfully complete a course of study in relation to the requirements of SMSF audit (at least 7 hours) provided by Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia or a provider otherwise agreed by ASIC. 6. Within six months and one week of the condition being imposed the approved SMSF auditor must provide evidence of completion of the additional CPD. |
| 1-36708635271 |
Dec. 4, 2019 |
Compliance with auditing standards |
10. 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. |
| 1-36708635270 |
Dec. 4, 2019 |
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. |
| 1-36708635269 |
Dec. 4, 2019 |
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. |
| 1-36708635268 |
Dec. 4, 2019 |
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. |
| 1-36708635267 |
Dec. 4, 2019 |
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. |
| 1-36708635266 |
Dec. 4, 2019 |
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. |
| 1-36708635265 |
Dec. 4, 2019 |
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. |