Dusting off audit requirements
Auditors of self-managed superannuation funds (SMSFs) will need to hold a minimum competency requirement from July this year in a new initiative that aims to make auditor skills more transparent.
The new requirements were developed by leading accounting bodies CPA Australia, The Institute of Chartered Accountants in Australia and the National Institute of Accountants, and will be mandatory for members of the three professional bodies, which sign audit reports.
In a joint statement, the three bodies said the competency requirements will be operative for financial reporting periods commencing on or after July 1, 2008. However, earlier adoption is encouraged.
Auditors will be required to hold a public practice certificate issued by one of the bodies and must be able to complete the tasks of planning, gathering, evidence evaluation and decision-making in five key areas in the context of an audit of an SMSF.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
