ASIC has advised auditors seeking to be registered as “approved SMSF auditors” to apply to ASIC by 30 April 2013 to ensure their application can be processed by 1 July 2013. From that time, an auditor will need to be registered with ASIC as an approved SMSF auditor to conduct audits of self-managed superannuation funds (SMSFs). ASIC said that existing “approved auditors” can apply for registration with ASIC under transitional arrangements between 31 January 2013 and 30 June 2013.
ASIC also indicated that it will soon release a regulatory guide with more information on the proposed requirements for approved SMSF auditors under ASIC’s registration regime. Broadly, the proposed measures will require SMSF auditors to meet minimum qualification, practical experience, continuing professional development and competency exam requirements to be registered as an SMSF auditor. Auditors will also be required to maintain professional indemnity insurance and be considered a fit and proper person. Before applying as an SMSF auditor, ASIC says it is important to become familiar with these requirements.
(Source: ASIC SMSF auditor update, Issue 1, November 2012.)
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