31 January 2013
Online public registers will start for all registered, suspended and disqualified SMSF auditors.
Between 31 January 2013
and 30 June 2013 (Transitional period)
During the transitional period, the following arrangements will apply to existing approved auditors of SMSFs:
30 April 2013
Applicants should apply by 30 April 2013 to provide ASIC with adequate time to process their application, as they cannot practise as an SMSF auditor from 1 July 2013 until they are registered. We cannot guarantee that applications received after 30 April will be processed before 30 June 2013.
If an application is not approved by 30 June 2013, auditors must immediately cease signing off audit reports for SMSFs until such time that they are registered.
From 1 July 2013
To be engaged by the trustee of an SMSF to audit their fund and sign the audit report, an auditor must be registered with ASIC as an approved SMSF auditor.
SMSF trustees will be required to provide the SMSF auditor number (SAN) of their appointed auditor when lodging their SMSF annual return (SAR).
Applicants must pass an ASIC-approved competency test before receiving their registration. During the transitional period, existing approved auditors of SMSFs who signed off on less than 20 SMSF audits in the 12 months immediately before applying, may be registered with a condition on their registration that they pass a competency examination before 1 July 2014.
Existing approved auditors of SMSFs and registered company auditors who lodge their applications after 30 June 2013 will not be eligible for any transitional arrangements and so will be subject to the requirement to complete a competency exam and have prescribed experience.