| 1-56916387572 |
Oct. 9, 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. |
| 1-56916387571 |
Oct. 9, 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. |
| 1-56916387570 |
Oct. 9, 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. |
| 1-56916387569 |
Oct. 9, 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. |
| 1-56916387568 |
Oct. 9, 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. |
| 1-56916387567 |
Oct. 9, 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. |
| 1-56916387566 |
Oct. 9, 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. |
| 1-56916387565 |
Oct. 9, 2023 |
Audit Restriction |
9. The approved SMSF auditor must not conduct the audit of any self-managed superannuation fund where any members, partners, employees of their firm or any network firm provides any non-assurance services or assumes management responsibility for an SMSF audit client, including taking responsibility for the preparation and fair presentation of the financial statements. |
| 1-56916387564 |
Oct. 9, 2023 |
Independence threat review |
10. The approved SMSF auditor must undertake an independence threat review of their audits conducted within 12 months of their registration as an approved SMSF auditor and provide to ASIC within 13 months of their registration details of their review including: (a) A list of the SMSF audits they have completed (b) Details of any non-assurance services provided to the audit clients by the auditor’s firm or network firm. (c) Confirmation that independence threat assessments have been performed for each of audit in accordance with APES 110 Code of Ethics for Professional Accountants and having considered the examples and guidance in the APESB Independence Guide applicable at the time. (d) Details of any independence threats identified and any safeguards applied to reduce the threats to an acceptable level in accordance with APES 110. (e) A current assessment of whether the auditor or their firm is part of a firm or network firm as specified in APES 110. Details supporting the assessment must also be provided, including the relevant entities and relationships considered. |
| 1-56916387563 |
Oct. 9, 2023 |
Additional continuing professional development |
11. The approved SMSF auditor must undertake the following continuing professional development (CPD) within 6 months from the date the conditions are imposed, which is in addition to the CPD required under s128F(a) of the SIS Act: (a) Successfully complete a course covering ethics and independence requirements of APES 110 over 7 hours. |