ASIC has advised that its online registers for registered, suspended and disqualified “approved SMSF auditors” will be available from 31 January 2013.
From this date, existing approved auditors will be able to apply for registration with ASIC under transitional arrangements proposed by the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012. ASIC said that auditors should apply to ASIC by at least 30 April 2013 to ensure the application can be processed by 1 July 2013. An auditor must be registered with ASIC as an approved SMSF auditor by 1 July 2013 to audit an SMSF and sign the fund’s Independent Audit Report (IAR).
- ASIC also said that auditors who have signed off on 20 or more IARs in the previous 12 months will not be required to have passed a competency examination to be registered with ASIC.
- Registered company auditors who have signed off at least one IAR in the 12 months before registration will also not be required to meet the minimum hours of previous experience and will not be required to have passed a competency examination.
- ASIC also noted that existing SMSF auditors who have signed off on an IAR in the previous 12 months, will not be required to meet the minimum hours of previous experience required.
[LTN 198, 12/10]