| 1-33521282316 |
May 15, 2019 |
Notification of conditions to professional body |
11. Within one month of the conditions being imposed, the approved SMSF auditor must: (a) Provide a copy of the letter formally imposing these further conditions to the CA ANZ 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) Provide evidence to ASIC that the letter has been provided to CA ANZ. |
| 1-33521282315 |
May 15, 2019 |
Review of SMSF Audit Clients |
2. Within two (2) months of the condition being imposed the approved SMSF auditor review their current clients for any restricted audits and within three (3) months of the condition being imposed confirm the results of this review to ASIC. Within three (3) months of this condition being imposed the auditor must resign from any restricted audits. |
| 1-33521282314 |
May 15, 2019 |
Audit restriction |
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 GS009 Auditing Self-Managed Superannuation Funds regardless of any safeguards. ('restricted audits') |
| 1-33521282313 |
May 15, 2019 |
Compliance with auditing standards |
10. 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. |
| 1-33521282312 |
May 15, 2019 |
Compliance with auditing and assurance standards |
9. 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. |
| 1-33521282311 |
May 15, 2019 |
Auditor independence requirements |
8. 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. |
| 1-33521282310 |
May 15, 2019 |
Compliance with competency standards |
7. The approved SMSF auditor must comply with any competency standards published by ASIC under section 128Q of the SIS Act. |
| 1-33521282309 |
May 15, 2019 |
Continuing professional development requirements |
5. 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. 6. 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. |
| 1-33521282308 |
May 15, 2019 |
Professional indemnity insurance requirements |
4. 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. |
| 1-33521282307 |
May 15, 2019 |
Notifications to ASIC |
3. 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. |