ASIC to develop test for SMSF auditors
The Government has spelled out the underlying requirements for self-managed superannuation fund (SMSF) auditors as part of the general announcement around SMSF auditor registration.
The Minister for Financial Services, Bill Shorten, said that to be registered as an SMSF auditor, applicants would need to:
- hold a tertiary accounting qualification that includes an audit component or have successfully completed study in audit as part of a professional accounting body program;
- meet a fit and proper test;
- hold professional indemnity insurance;
- have 300 hours of SMSF audit experience in the three years prior to registration, subject to transitional arrangements; and
- pass a competency exam, subject to transitional arrangements.
Shorten said auditors would be able to apply for registration from 31 January next year, and that all auditors would need to be registered with the Australian Securities and Investments Commission (ASIC) by 1 July 2013 to conduct SMSF audits thereafter.
The Minister said the competency exam for auditors would be developed by ASIC in consultation with the industry.
AUTHOR
Staff Writer
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
