| 1-59168140198 |
March 5, 2024 |
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. |
| 1-59168140197 |
March 5, 2024 |
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. |
| 1-59168140196 |
March 5, 2024 |
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. |
| 1-59168140195 |
March 5, 2024 |
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. |
| 1-59168140194 |
March 5, 2024 |
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. |
| 1-59168140193 |
March 5, 2024 |
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. |
| 1-59168140192 |
March 5, 2024 |
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. |
| 1-59168140191 |
March 5, 2024 |
Review of audits |
9. The approved SMSF auditor must appoint an engagement quality control reviewer (EQCR) for five SMSF audits relating to the 30 June 2023 income year, for which they are the appointed auditor. The EQCR must be independent from the SMSF auditor and any partner, member or employee of their firm, practice or employer. The audits are to be selected based on their higher relative audit complexity but must have total assets of at least $500,000. If there are not enough audit engagements where the fund has sufficient total assets, then the selection is to be made from audits relating to subsequent income years. 10. The EQCR is to perform engagement quality control reviews for each of the selected SMSF audits in accordance with ASQM 2 Engagement Quality Reviews (the most current version at the time of the review, irrespective of its operative date). 11. The approved SMSF auditor must not sign and issue an auditor''s report for a selected SMSF audit before the EQCR review of it is complete. 12. Within 12 months of the condition being imposed, and each 12 months after that until 5 audits have been reviewed, the SMSF auditor is to provide ASIC a list of the audits reviewed along with details of the reviewer and confirmation from them in writing that they are independent, and the reviews have been conducted, in accordance with this condition. 13. The appointment of the EQCR, their reviews and reporting to ASIC are to be conducted at the approved SMSF auditor''s own expense. |