Auditors who currently conduct SMSF audits are urged to apply for registration with ASIC by 30 April 2013, to ensure they are registered before 1 July 2013.

ASIC assumed responsibility for registering 'approved SMSF auditors' on 31 January 2013 as part of the Australian government’s ‘Stronger Super’ reforms.

Registration will be mandatory for anyone conducting an SMSF audit from 1 July 2013 and sanctions may apply if an auditor accepts an SMSF audit engagement without being registered after this date.

ASIC recommends that auditors who want to apply for registration should do so by 30 April 2013 to provide ASIC with enough time to assess their application by 1 July 2013.

If an applicant's registration is not finalised by this date, they will not be able to conduct SMSF audits, even if ASIC has received their application.

Some existing approved auditors of SMSFs may also be eligible for exemptions from the requirements of registration if they lodge their application during the transitional period (see Background). If an applicant wants to apply for registration during this period, they must apply by 30 June 2013.

Those eligible for exemptions include those who have signed off on SMSF audits in the 12 month period prior to registration, as well as registered company auditors (RCAs). Applicants should refer to ASIC's Regulatory Guide 243: Registration of self-managed superannuation fund auditors (RG 243) for information about the registration requirements.

Auditors can apply to register as an SMSF auditor using our online portal, ASIC Connect. Before applying, auditors will need to create an account. More information about the registration process is available at the ASIC website.

Tips for lodging an SMSF auditor application

When submitting an application for registration, applicants should:

• include all mandatory information during the online application process – applicants will be able to review all information entered in the application before it is submitted

• make prompt payment of the application fee – ASIC cannot start processing an application until payment is received, and

• email all required supporting documentation.

Commonly, delays in processing applications are caused by applicants not submitting their supporting documents. Our website has more information on the documents applicants must provide.

More information

For more information about the SMSF auditor register, the requirements for registration and the transition arrangements available to existing auditors, visit our website.

Background

Transitional arrangements will apply for existing ‘approved auditors of SMSFs and registered company auditors’ between 31 January and 30 June 2013 (the transitional period).

Existing approved auditors of an SMSF and registered company auditors who have lodged an application for registration during the transitional period, will have certain exemptions from conditions for registration which consist of the following:

1. If an auditor has signed off on at least one SMSF audit within the 12-month period before applying for registration, they will be exempt from the practical experience requirement in s128B(1)(a)(ii) of the Superannuation Industry (Supervisory) Act 1993.

2. If an auditor has signed off on 20 or more SMSF audits in the 12-month period before applying for registration, they will be exempt from both the practical experience requirement in s128B(1)(a)(ii) and the requirement to pass a competency examination in s128B(1)(a)(iii). If the auditor applies for registration during the transitional period and has signed off on less than 20 SMSF audits in the 12-month period before applying, ASIC may register the applicant with a condition on the registration requiring them to pass a competency examination before 1 July 2014. Failure to pass the competency examination by 1 July 2014 would result in the cancellation of the applicant's registration.

3. Registered company auditors will be exempt from the practical experience requirement in s128B(1)(a)(ii), and the requirement to sit a competency examination in s128B(1)(a)(iii).