ASIC today released a consultation paper on proposed self-managed super fund (SMSF) auditor competency standards.
Consultation Paper Competency standards for auditors of self-managed superannuation funds (CP 192) includes the proposed standards.
The competency standards have been based on the ‘Competency requirements for auditors of self-managed superannuation funds’ issued in February 2008 by CPA Australia Ltd, The Institute of Chartered Accountants in Australia & the National Institute of Accountants, referred to as the Joint Accounting Bodies (JAB).
Consistency with the JAB competency standards will ensure a smooth transition to the new regime for most SMSF auditors.
ASIC Commissioner Greg Tanzer said the consultation paper reinforces ASIC’s commitment to consult on the SMSF auditor registration reforms.
‘SMSF auditors play a vital role as gatekeepers in protecting the retirement benefits of thousands of Australians and in helping secure the Australian superannuation system.’
‘With the superannuation sector expected to grow from $1.3 to $3 trillion in the next decade, these standards are important in protecting every day Australians' retirement incomes,’ Mr Tanzer said.
Comments on the proposals in CP 192 are due by 30 November 2012.
Download:
Consultation Paper 192, Competency requirements for auditors of self-managed superannuation funds (CP 192)
Background
The new SMSF auditor registration regime is proposed to commence on 31 January 2013. It is proposed that from 1 July 2013 auditors must be registered to sign SMSF auditor reports.
The draft Competency standards for auditors of self-managed superannuation funds, attached to CP 192, sets out the competency standards that SMSF auditors registered with ASIC will have to comply with when the regime starts on 31 January 2012.
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More information
- ASIC’s new dedicated super webpage for industry
- ASIC’s MoneySmart info for consumers: www.moneysmart.gov.au/superannuation-and-retirement
- The website for the Government's Stronger Super reforms:strongersuper.treasury.gov.au
- Email ASIC about Stronger Super: StrongerSuperReforms@asic.gov.au