The Australian Securities and Investments Commission (ASIC) has released both the guidance and the transitional arrangements applying to self-managed superannuation fund (SMSF) auditors.
The regulator announced that applications for registration could be made from 31 January next year, and that auditors would need to be registered with ASIC to conduct audits of SMSFs from 1 July 2013.
In doing so, the regulator warned that auditors seeking registration would need to apply early, particularly as any transition concessions would only be available for auditors who are registered by 30 June next year.
ASIC also released the proposed competency standards, saying it intended to execute the final standards later this week.
The regulator said the competency standards detailed ongoing requirements for registered SMSF auditors and would apply from 1 July 2013.
It said the standards were based on pre-existing standards issued by the major accounting bodies – the Institute of Chartered Accountants in Australia, CPA Australia and the Institute of Public Accountants.
It said these standards also applied to members of the SMSF Professionals’ Association of Australia.
Commenting on the move, ASIC Commissioner Greg Tanzer said that by setting appropriate standards for SMSF auditors, the new regime would help provide better protection for every-day Australians in their retirement.
