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
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
