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16-292MR ASIC simplifies registration process for SMSF auditors
ASIC today released revised website content which simplifies and improves the registration process for prospective SMSF auditors.
The changes will make it easier for applicants to provide all required information with their application. This will reduce red tape and save time for applicants as ASIC will generally not need to seek further details about their experience.
Template documents have been added to the website to enable applicants to provide the required level of detail about their experience.
These documents are:
- Statement from applicant
- Audit hours logbook
- Statement from supervisor
Applicants are encouraged to use the application checklist provided via the website, to ensure that they submit a complete application. Incomplete applications will be returned and they will need to re-apply.
ASIC Commissioner Greg Tanzer said, 'ASIC is continually reviewing how we can improve the services we provide the community. If we can reduce the time required for what should be straightforward auditor registrations, this allows us to assess an application faster with the benefit of all information being available from the outset.'
In order to audit self-managed superannuation funds under the Superannuation Industry (Supervision) Act 1993, a person must be a registered self-managed superannuation fund auditor.
To be registered, applicants must demonstrate that they have the required qualifications and practical experience, have passed a competency examination and meet a 'fit and proper person' test.
ASIC has published ASIC Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243), explaining the requirements for registration and how to apply The guide also provides guidance on the continuing legal obligations of approved SMSF auditors.