ASIC Mon 10.12.2012, released guidance to assist auditors of self managed superannuation funds (SMSF) register with ASIC.
The guidance has been issued ahead of a new registration scheme for auditors to commence on 31 January 2013 as part of the Federal Government’s “Stronger Super” reforms.
Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243) explains how to apply for registration as an approved SMSF auditor, the types of registers of SMSF auditors maintained by ASIC and the transitional arrangements for the registration of existing approved auditors of SMSFs.
Applications for registration can be made from 31 January 2013 and auditors will need to be registered with ASIC to conduct audits of SMSFs from 1 July 2013. ASIC advises prospective registrants to apply early, particularly as any transition concessions are only available for auditors who are registered by 30 June 2013.
ASIC has also released proposed competency standards ([CO 12/1687] Competency standards for approved SMSF auditors). ASIC intends to execute the final standards in this form later this week.
Source: ASIC release 12-308MR, 10 December 2012
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