| 1-35060540990 |
Aug. 30, 2019 |
Notification to Professional Body |
15. Within 1 month of these further conditions being imposed the approved SMSF auditor must provide: (a) a copy of the letter formally imposing these further conditions to CPA Australia's quality review and conduct team for them to be aware of the conditions for any future compliance monitoring activity in relation to the auditor, such as practice reviews, and (b) evidence to ASIC that the letter has been provided to CPA Australia's quality review and conduct team. |
| 1-35060540989 |
Aug. 30, 2019 |
Review of SMSF Audit Clients |
13. Within two (2) 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 (3) months of the conditions being imposed. 14. Within three (3) months of this condition being imposed the auditor must resign from any restricted audit. |
| 1-35060540988 |
Aug. 30, 2019 |
Independent Review |
10. The approved SMSF auditor must have three SMSF audits selected by ASIC for the financial year ended 30 June 2019, or a year end otherwise selected 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 selected by ASIC. The list is to include information such as the total assets of the SMSF and dates the SMSF audit was commenced and completed. ASIC will then choose three SMSF audits that the approved SMSF auditor will submit for review by the independent reviewer. (c) The reviewer must be engaged at the approved SMSF auditor's expense to review the audit files. (d) On or before the later of 15 June 2020 or two weeks from the date ASIC notifies the approved SMSF auditor of the audit files selected the auditor must provide the files to the reviewer. (e) ASIC must receive a written report from the reviewer within 45 days after receiving the audit files. The reviewer's report must include the scope of the review, the reviewer's opinion based on their review as to whether the audits were conducted in accordance with the applicable Australian Auditing Standards and the SIS Act, and as attachments checklists completed for each audit file. The review checklists will be provided by ASIC. The reviewer's report must describe any deficiencies in the audits identified by the reviewer. |
| 1-35060540987 |
Aug. 30, 2019 |
Additional continuing professional development |
6. The approved SMSF auditor must undertake the following continuing professional development (CPD) within 12 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 of study in relation to the requirements of an SMSF audit (at least an additional seven hours) provided by Chartered Accountants Australia and New Zealand or CPA Australia or a provider otherwise agreed by ASIC; and (b) Successfully complete a course of study in relation to Ethics (at least an additional seven hours) provided by Chartered Accountants Australia and New Zealand or CPA Australia or a provider otherwise agreed by ASIC. 7. Within one month after completing these additional CPD requirements the approved SMSF auditor must provide to ASIC documentation evidencing the successful completion of the courses, their duration, syllabus and provider. |
| 1-35060540986 |
Aug. 30, 2019 |
Audit restrictions |
1. The approved SMSF auditor cannot undertake SMSF audits: (a) Under any of the examples included in Section 9 of the Independence Guide Fourth Edition, February 2013 published by the Joint Accounting Bodies; and (b) Under any of the scenarios listed in Appendix 5 of GS 009 Auditing Self-Managed Superannuation Funds regardless of any safeguards. ('restricted audits') |
| 1-35060540985 |
Feb. 19, 2013 |
Professional indemnity insurance requirements |
3. 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. |
| 1-35060540984 |
Feb. 19, 2013 |
Notifications to ASIC |
2. 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. |
| 1-35060540983 |
Feb. 19, 2013 |
Continuing professional development requirements |
4. 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. 5. 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. |
| 1-35060540982 |
Feb. 19, 2013 |
Compliance with competency standards |
8. The approved SMSF auditor must comply with any competency standards published by ASIC under section 128Q of the SIS Act. |
| 1-35060540981 |
Feb. 19, 2013 |
Compliance with auditing standards |
12. 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. |
| 1-35060540980 |
Feb. 19, 2013 |
Compliance with auditing and assurance standards |
11. 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. |
| 1-35060540979 |
Feb. 19, 2013 |
Auditor independence requirements |
9. 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. |