To conduct self-managed super fund (SMSF) audits, you must:
- be registered with the Australian Securities and Investments CommissionExternal Link (ASIC) as an approved SMSF auditor
- have a valid SMSF auditor number (SAN)
- meet ongoing obligations as prescribed by the
- Superannuation Industry (Supervision) Act 1993 (SISA)
- Superannuation Industry (Supervision) Regulations 1994 (SISR), and
- comply with ongoing ASIC registration requirements including
- keeping your auditor details up to date
- lodging your annual statement.
Under the SISA, you are required to comply with:
- auditor independence requirements, which the SISR prescribes as being set out in the APES 110 – Code of Ethics for Professional Accountants (including Independence standards) (2018) – effective 1 January 2020External Link – produced by the Accounting Professional & Ethical Standards Board Limited (APESB)
- the applicable auditing and assurance standardsExternal Link issued by the Auditing and Assurance Standards Board (AUASB)
- SMSF auditor competency standards issued by ASIC in Class Order [CO 12/1687] Competency standards for approved SMSF auditorsExternal Link
- the reporting requirements, including for the
- Self-managed superannuation fund independent auditor's report (NAT 11466)
- Auditor/actuary contravention report (NAT 11239)
- the prescribed continuing professional development (CPD) requirements
- the requirement to hold prescribed professional indemnity insurance
- any conditions imposed on your registration by ASIC.
We work closely with ASIC to monitor the effectiveness of SMSF auditors. If we identify performance and compliance issues, including a failure to comply with your obligations under the SISA, we may refer the matters to ASIC for their consideration.
See also:
- PS LA 2018/1 Self-managed superannuation funds – referral of approved SMSF auditors to ASIC
- ASIC Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243)External Link
- SISA – Section 128F Professional obligations of approved SMSF auditors
- SISR – Regulation 9A.06 Auditor independence requirements
- APESB Independence Guide – Fifth edition, May 2020 (PDF, 1.36MB)This link will download a file – download from the APESB websiteExternal Link