| 1-56244867240 |
Aug. 25, 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. |
| 1-56244867239 |
Aug. 25, 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. |
| 1-56244867238 |
Aug. 25, 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. |
| 1-56244867237 |
Aug. 25, 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. |
| 1-56244867236 |
Aug. 25, 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. |
| 1-56244867235 |
Aug. 25, 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. |
| 1-56244867234 |
Aug. 25, 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. |
| 1-56244867233 |
Aug. 25, 2023 |
Submit audits for review |
12. The SMSF auditor will, in respect of the next five audits which require registration as an approved SMSF auditor under the Superannuation Industry (Supervision) Act 1993 (the SIS Act), submit audit work and conclusions for review by an independent approved SMSF auditor as agreed to by ASIC, who is to provide to ASIC a statement in writing whether in that person''s opinion the five audits in question have been conducted in accordance with all applicable Australian Auditing Standards and the SIS Act. |
| 1-56244867232 |
Aug. 25, 2023 |
Certificate of public practice |
9. The SMSF auditor must provide to ASIC a copy of their Certificate of Public Practice within 7 days of obtaining. |
| 1-56244867231 |
Aug. 25, 2023 |
Notification of providing services |
10. The SMSF auditor must notify ASIC if they are to undertake any audits for, or provide any other services including Tax Agent services, to clients of Sohail Merchant. Details of any such arrangements must be provided to ASIC. |
| 1-56244867230 |
Aug. 25, 2023 |
Notification of declaring income to ATO |
11. The SMSF auditor must notify ASIC that they have declared all relevant income from Sohail Merchant to the ATO and provide evidence to support this. |