The Minister also announced further details of SMSF auditor registration. Auditors will be able to apply for registration from 31 January 2013. All auditors must be registered with ASIC by 1 July 2013 to conduct SMSF audits after this time. Auditors required to sit the competency exam will be able to do so from 1 July 2013 and will have until 30 June 2014 to complete the exam and become fully registered.
Transitional arrangements will apply so that auditors who sign off 20 or more audits in the 12 month period prior to applying for registration will not be required to sit a competency exam to become registered as an SMSF auditor. Additionally, existing SMSF auditors who have signed off an SMSF audit within a 12 month period will be exempt from the hours based experience requirement when registering.
Source: Minister for Financial Services press release No 036, 23 June 2012
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