ASIC consults on SMSF auditor standards
The Australian Securities and Investments Commission (ASIC) has outlined in a consultation paper its proposed competency standards for self-managed super fund (SMSF) auditors, with feedback due by 30 November.
''CP 192 Competency requirements for auditors of self-managed superannuation funds includes a draft class order which outlines the requirements, such as that auditors have an understanding of relevant legislative and other requirements.
These include relevant parts of the Superannuation Industry Supervision (SIS) Act, the Corporations Act, and Accounting Professional and Ethical Standards Board requirements.
The paper also outlines a number of task-specific knowledge requirements in areas such as client acceptance and retention, engagement planning, controls evaluation and testing and documentation.
The standards have been based on 2008 standards issued by the Joint Accounting Bodies, which ASIC said should help a smooth transition.
It is proposed the new SMSF auditor registration regime commence on 31 January 2013, and that new auditors must be registered to sign SMSF auditor reports from 1 July 2013, ASIC stated.
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