Timothy Davidson

Name
Timothy Davidson
ID
100028966
ABN
16052753997
Registration date
March 6, 2013
Status
Registered
Address
Warrawee, 2074, NSW

Capacities

Firm name
Fortunity Assurance
Appointment type
Member (Partner) of Audit firm
Date commenced
March 6, 2013

Conditions

ID Date Condition Details
1-57207425506 March 6, 2013 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.
1-57207425505 March 6, 2013 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.
1-57207425504 March 6, 2013 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.
1-57207425503 March 6, 2013 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.
1-57207425502 March 6, 2013 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.
1-57207425501 March 6, 2013 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.
1-57207425500 March 6, 2013 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.
1-57207425499 Oct. 27, 2023 Notification of conditions to professional body 11. Within one month of these conditions being imposed, the approved SMSF auditor must: (a) provide a copy of the letter formally imposing the conditions to their professional accounting association for consideration in 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 the professional accounting association.
1-57207425498 Oct. 27, 2023 Additional continuing professional development 10. The approved SMSF auditor must undertake the following additional continuing professional development (CPD) within six (6) 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 financial statement audit including audit evidence and documentation of at least 7 and a half (7.5) hours provided by a professional accounting body or a provider otherwise agreed by ASIC. (b) Within one month of completing these additional CPD requirements the approved SMSF auditor must provide to ASIC documentation evidencing the successful completion of the course/s, their duration, syllabus and provider.
1-57207425497 Oct. 27, 2023 Independent file reviews 9. The approved SMSF auditor must have five of their SMSF audits for the financial year ended 30 June 2023, or a year end otherwise agreed by ASIC, reviewed by an independent approved SMSF auditor. The SMSF audits to be reviewed will be selected by ASIC. The selection of reviewing auditor must be agreed to by ASIC. (a) By 31 May 2024, (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide ASIC the name and contact details of a proposed independent reviewer. (b) By 30 June 2024 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide a list of all SMSFs that they are appointed auditor for the financial year ended 30 June 2023 (or a year end otherwise agreed by ASIC). The list is to include information such as total assets of the SMSF and dates the SMSF audit was commenced and completed. ASIC will then choose five 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 in accordance with these conditions. (d) Within two weeks from when 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 60 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 the review 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.

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