Auditors of self-managed superannuation funds (SMSFs) have been given regulatory guidance on how to register with the Australian Securities and Investments Commission (ASIC) ahead of the 31 January start date of a Stronger Super registration scheme.
Regulatory Guide 243 'Registration of self-managed superannuation fund auditors' (RG 243) explains the process of registering as an approved SMSF auditor, the types of registers of SMSF auditors maintained by the regulator, and the transitional arrangements for the registration of existing approved auditors by 30 June 2013.
Auditors will need to be registered from 1 July 2013 in order to carry out audits on SMSFs, but ASIC has urged auditors to apply early as transitional concessions will only be made available to applicants who are registered by 30 June 2013.
ASIC has also released proposed competency standards – 'Competency standards for approved SMSF auditors' (CO 12/1687) – and it intends to execute the final standards in this form later this week.
The standards are based on pre-existing standards issued by The Institute of Chartered Accountants in Australia, CPA Australia and the Institute of Public Accountants, and will also apply to members of the SMSF Professionals' Association of Australia, "thus ensuring continuity in requirements for most SMSF auditors", said ASIC.
"SMSF auditors play an important role as gatekeepers in providing an independent opinion on SMSF financial reports and compliance with legislative requirements," ASIC commissioner Greg Tanzer said.
"By setting appropriate standards for SMSF auditors, the new regime will help provide better protection of every-day Australians in their retirement."
