media release (12-308MR)

ASIC releases SMSF auditor registration guidance and competency standards

Published

ASIC today 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.

The competency standards for auditors of self-managed superannuation funds detail ongoing requirements for registered SMSF auditors and will apply from 1 July 2013. These standards are based on pre-existing standards issued by The Institute of Chartered Accountants in Australia, CPA Australia and the Institute of Public Accountants, which also apply to members of the Superannuation Professionals’ Association of Australia Limited, thus ensuring continuity in requirements for most SMSF auditors.

ASIC Commissioner Greg Tanzer said ‘SMSF auditors play an important role as gatekeepers in providing an independent opinion on SMSF financial reports and compliance with legislative requirements. In this regard, auditors assist in protecting the retirement income of thousands of Australians.

‘By setting appropriate standards for SMSF auditors, the new regime will help provide better protection of every day Australians in their retirement’, Mr Tanzer said.

Background

The registration scheme for SMSF auditors will commence on 31 January 2013. Under the new regime, ASIC has responsibility for registering ‘approved SMSF auditors’, setting competency standards, where appropriate, deregistering or suspending auditors.

Approved SMSF auditors will have ongoing obligations under section 128F of the Superannuation Industry (Supervisory) Act 1993 to comply with the competency standards set by ASIC. Auditors are also required by the legislation to comply with the auditing standards issued by the Auditing and Assurance Standards Board.

Key dates and other information

Download:

  • Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243)
  • Proposed Class Order [CO 12/1687] Competency standards for approved SMSF auditors

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