| 1-26714428605 |
Nov. 6, 2017 |
Notification of conditions to professional body |
Within one month of these further conditions being imposed the approved SMSF auditor must provide: o A copy of the letter formally imposing these further conditions to the CPA Australia for them to be aware of the conditions for any future compliance monitoring activity in relation to the auditor, such as practice reviews. o Evidence to ASIC that the letter has been provided to the CPA Australia |
| 1-26714428604 |
Nov. 6, 2017 |
Review and revise tools and templates |
The approved SMSF auditor must review and revise as necessary the tools and templates used to perform and document SMSF audits and report to ASIC every 12 months from the date that the condition has been imposed for a period of three years confirming that this has been completed. |
| 1-26714428603 |
Nov. 6, 2017 |
Performs and documents an assessment of independence |
The approved SMSF auditor performs and documents an assessment of independence in accordance with APES 110, including identification of threats and safeguards for all audits. The auditor must report to ASIC every 12 months from the date that the condition has been imposed for a period of three years confirming that this assessment has been performed and inform ASIC of any issues identified. |
| 1-26714428602 |
Nov. 6, 2017 |
Evidence of review current clients for any restricted audits |
Within two months of the condition being imposed the approved SMSF auditor review their current clients for any restricted audits and confirm the results of this review to ASIC. Within three months of this condition being imposed the auditor must resign from any restricted audits. |
| 1-26714428350 |
Nov. 6, 2017 |
Audit restrictions |
The approved SMSF auditor cannot undertake SMSF audits: o Under any of the examples included in Section 9 of the Independence Guide Fourth Edition, February 2013 published by the Joint Accounting Bodies; and o Under any of the scenarios listed in Appendix 5 of GS 009 Auditing Self-Managed Superannuation Funds regardless of any safeguards. ("restricted audits") |
| 1-26714428349 |
Nov. 6, 2017 |
Evidence of compliance with CPD requirements |
The approved SMSF auditor must provide ASIC with documentation evidencing the auditor's compliance with the CPD requirements of s128F(a) of the SIS Act and the regulations every 12 months from the date that the condition has been imposed for a period of three years. |
| 1-26714428348 |
Nov. 6, 2017 |
Additional continuing professional development |
The approved SMSF auditor must undertake the following additional professional development (CPD) within six months from the date the conditions are imposed, which is in addition to the CPD required under s128F(a) of the SIS Act (additional hours): Successfully complete a course of study (or courses) for a total of at least 15 additional hours, provided by CPA Australia or a provider otherwise agreed by ASIC in relation to : the requirements of an SMSF audit, including SIS Act requirements (for at least 7.5 additional hours). independence/ethics (for at least 7.5 additional hours). Within a month after completing these additional CPD requirements, the approved SMSF auditor must provide to ASIC documentation evidencing the successful completion of the course of study, its duration, syllabus and provider. |
| 1-6416566969 |
April 19, 2013 |
Notifications to ASIC |
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. |
| 1-6416566967 |
April 19, 2013 |
Compliance with auditing standards |
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. |
| 1-6416566965 |
April 19, 2013 |
Professional indemnity insurance requirements |
The approved SMSF auditor must at all times maintain a professional indemnity insurance policy which either: i) complies with the level set under a limitation of liability scheme provided by a professional organisation; or ii) has a minimum insured amount of $500,000 together with adequate policy terms covering civil liability claims in respect of SMSF audits. |
| 1-6416566963 |
April 19, 2013 |
Continuing professional development requirements |
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. 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. |
| 1-6416566961 |
April 19, 2013 |
Auditor independence requirements |
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. |
| 1-6416566959 |
April 19, 2013 |
Compliance with auditing and assurance standards |
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. |
| 1-6416566957 |
April 19, 2013 |
Compliance with competency standards |
The approved SMSF auditor must comply with any competency standards published by ASIC under section 128Q of the SIS Act. |