The Government has spelled out the underlying requirements for self-managed superannuation fund (SMSF) auditors as part of the general announcement around SMSF auditor registration.
The Minister for Financial Services, Bill Shorten, said that to be registered as an SMSF auditor, applicants would need to:
- hold a tertiary accounting qualification that includes an audit component or have successfully completed study in audit as part of a professional accounting body program;
- meet a fit and proper test;
- hold professional indemnity insurance;
- have 300 hours of SMSF audit experience in the three years prior to registration, subject to transitional arrangements; and
- pass a competency exam, subject to transitional arrangements.
Shorten said auditors would be able to apply for registration from 31 January next year, and that all auditors would need to be registered with the Australian Securities and Investments Commission (ASIC) by 1 July 2013 to conduct SMSF audits thereafter.
The Minister said the competency exam for auditors would be developed by ASIC in consultation with the industry.
