| 1-63462241725 |
Nov. 12, 2024 |
Engagement Quality Control Reviewer |
9. After this condition is imposed the approved SMSF auditor must appoint an engagement quality control reviewer (EQCR) for each of their next five SMSF audits where the fund has total assets of $1,500,000 or more. The EQCR must be an approved SMSF auditor. The EQCR must be suitably qualified, experienced, and independent. The EQCR must be independent from the approved SMSF auditor and any partner, member or employee of their firm, practice or employer. The SMSF auditor must not commence an audit requiring an EQCR under this condition until the EQCR for it has been engaged. The SMSF auditor must only engage an EQCR that they have nominated in writing to ASIC and for which ASIC has provided their written approval. The EQCR is to perform engagement quality control reviews for each of the selected SMSF audits in accordance with the relevant Australian Auditing and Assurance Standards including ASQM 2 Engagement Quality Reviews. The approved SMSF auditor must not sign and issue an auditor''s report for a selected SMSF audit before the EQCR review of it is complete. For each 12 months after this condition is imposed until ten audits have been reviewed, the approved SMSF auditor is to provide to ASIC a list of the audits reviewed along with details of the EQCR and confirmation from them in writing that they are independent, and the reviews have been conducted, in accordance with this condition. The appointment of the EQCR, their reviews and reporting to ASIC are to be conducted at the approved SMSF auditor''s own expense. |
| 1-63462241724 |
March 25, 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. |
| 1-63462241723 |
March 25, 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. |
| 1-63462241722 |
March 25, 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. |
| 1-63462241721 |
March 25, 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. |
| 1-63462241720 |
March 25, 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. |
| 1-63462241719 |
March 25, 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. |
| 1-63462241718 |
March 25, 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. |
| 1-63462241717 |
Oct. 31, 2024 |
Notification to professional body |
11. Within 21 days of these additional conditions being imposed, the approved SMSF auditor must provide full details of these conditions to their professional accounting association for consideration in any future compliance monitoring activity in relation to the auditor, such as practice reviews; and must provide evidence to ASIC that this has been done. |
| 1-63462241716 |
Oct. 31, 2024 |
Review tools, templates and methodology |
10. Within three months after this condition is imposed, 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. The independent reviewer must be independent from the SMSF auditor and any partner, member or employee of their firm, practice or employer. The review is to assess compliance with relevant SMSF 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. 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 nine months after this condition is imposed. The appointment of the independent reviewer, their review and reporting to ASIC are to be conducted at the approved SMSF auditor''s own expense. |
| 1-63462241715 |
Oct. 31, 2024 |
Network assessment |
12. Within 3 months of this condition being imposed, the approved SMSF auditor must make an assessment and identify, in accordance with the meanings and relevant requirements of APES 110, any Firm, Network (and Network Firms belonging to it) that they are part of. At that time the approved SMSF auditor must provide a copy of the assessment and the supporting details to ASIC. The approved SMSF auditor must revise and document the assessment each year thereafter and retain it for a period of 5 years. |
| 1-63462241714 |
Oct. 31, 2024 |
Restricted audits |
13. The approved SMSF auditor must not audit any funds for which any other services have been provided to by the auditor, their Firm or a Network Firm (the meanings of which are attributed to them by APES 110). |