| 1-67845788862 |
April 15, 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. |
| 1-67845788861 |
April 15, 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. |
| 1-67845788860 |
April 15, 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. |
| 1-67845788859 |
April 15, 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. |
| 1-67845788858 |
April 15, 2013 |
Continuing professional development requirements |
2. 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. 3. 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. |
| 1-67845788857 |
April 15, 2013 |
Professional indemnity insurance requirements |
1. 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. |
| 1-67845788856 |
May 16, 2025 |
Competency exam |
4. Within six months of the conditions being imposed the approved SMSF auditor must sit and pass ASIC''s approved SMSF auditor competency exam (referred to in section 128C of the SIS Act). The auditor must provide to ASIC within 1 week of completing the exam, evidence of the successful completion and passing of the SMSF auditor competency exam. |
| 1-67845788855 |
May 16, 2025 |
Notification to professional body |
20. Within one 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 their professional body 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 the professional body. |
| 1-67845788854 |
May 16, 2025 |
Audit restriction |
9. The approved SMSF auditor must not audit a SMSF where the auditor, their staff or their firm has or is providing services, including preparing financial statements, where this would result in ''in-house'' audits being conducted as described in the scenarios of chapter 8.5.2, 8.5.3 and 8.5.6 of the APESB''s Independence Guide (fifth edition, May 2020). |
| 1-67845788853 |
May 16, 2025 |
Independence threat review |
11. The approved SMSF auditor must: (a) conduct and document an independence threat review of all audit engagements performed within the 12-month period from when this condition is imposed. As part of the review, for each engagement the approved SMSF auditor must determine whether any of the scenarios included in chapter 8 of the Independence Guide (fifth edition, May 2020) are applicable and whether safeguards have been applied that are consistent with the guide. (b) The auditor is to provide ASIC a report on the review no later than 13 months from the date this condition is imposed. The report must confirm that the auditor has performed the required review and include details of the results. The details of the results are to include the audits reviewed (the name and Australian Business Number of the funds and the relevant financial years), which scenarios applied, and the safeguards adopted. The report must provide a declaration about whether they have complied with APES 110 independence requirements for all SMSF audit engagements performed after this condition was imposed. |
| 1-67845788852 |
May 16, 2025 |
Independent review |
13. The approved SMSF auditor must have three of their SMSF audits for the financial year ended 30 June 2025 (or financial year end otherwise agreed by ASIC) reviewed by an independent approved SMSF auditor (independent reviewer). 14. The SMSF audits to be reviewed will be selected by ASIC. The selection of independent reviewer must be agreed to by ASIC. 15. By 31 May 2026 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide ASIC the name and contact details of a proposed independent reviewer. 16. By 30 June 2026 (or a date otherwise agreed by ASIC) the approved SMSF auditor must provide ASIC with a list of all SMSFs they are appointed auditor for the financial year ended 30 June 2025 (or a financial 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 three SMSF audits that the approved SMSF auditor will submit for review by the independent reviewer. 17. The reviewer must be engaged at the approved SMSF auditor''s own expense to review the audit files in accordance with the conditions. 18. 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. 19. 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 and 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. The reviewer''s report must describe any deficiencies in the audits identified by the reviewer. |
| 1-67845788851 |
May 16, 2025 |
Review tools, templates and methodology |
10. The approved SMSF auditor must engage an independent approved SMSF auditor (independent reviewer) to undertake a review of their SMSF audit tools, templates and methodology. (a) Within three months after this condition is imposed, the approved SMSF auditor must provide the name and contact details of an independent reviewer to ASIC to consider and approve. (b) The review is to assess compliance with the SIS Act and relevant auditing and assurance standards. The independent reviewer is to provide written observations to the approved SMSF auditor and the approved SMSF auditor is to provide written responses, including actions to address any issues raised. (c) The independent reviewer''s written comments and the approved SMSF auditor''s written responses are to be provided to ASIC by the approved SMSF auditor within five months after this condition is imposed. (d) This review is to be conducted at the approved SMSF auditor''s expense. |
| 1-67845788850 |
May 16, 2025 |
Continuing professional development reporting |
12. The approved SMSF auditor must report to ASIC each year by 15 July 2025, 15 July 2026 and 15 July 2027 their record of continuing professional development (CPD) undertaken in compliance with s128F(a) of the SIS Act and regulation 9A.04 of the Superannuation Industry (Supervision) Regulations 1994, for the three-year period 1 July 2024 to 30 June 2027. |