Your ongoing obligations as an SMSF auditor

As an approved SMSF auditor, you must comply with ongoing statutory obligations and any conditions of your registration.

Your obligations

You must:

  • keep your details up-to-date with us
  • lodge your annual statement with us
  • complete the prescribed ongoing professional development
  • hold the prescribed professional indemnity insurance.

You must also comply with:

  • any conditions imposed on your registration
  • the auditor independence requirements set out in APES 110 Code of Ethics for Professional Accountants produced by the Accounting Professional & Ethical Standards Board Limited
  • the applicable auditing, or auditing and assurance, standards issued by the Auditing and Assurance Standards Board (AUASB)
  • the SMSF auditor competency standards issued by ASIC in Class Order [CO 12/1687] Competency standards for approved SMSF auditors.

For more information, see Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243).

Monitoring and enforcement

The Australian Taxation Office (ATO) monitors SMSF auditor compliance. The Electronic Superannuation Audit Tool (eSAT) provided by the ATO free of charge is designed to help SMSF auditors complete the compliance element of an SMSF audit. eSAT also contains useful material for the competency exam.

We will investigate any compliance matters the ATO refers to us. If we determine that the SMSF auditor has been non-compliant, we may:

  • impose or vary conditions on the SMSF auditor's registration
  • accept an enforceable undertaking
  • cancel the SMSF auditor's registration, or
  • disqualify or suspend the auditor from being an approved SMSF auditor.

Related information

We are always looking to improve our information for SMSF auditors so we would like to know what's important to you. Please leave us some feedback.

What's new

ASIC Connect - Start, resume or check the progress of an application

Regulatory Guide 243: Registration of self-managed superannuation fund auditors (RG 243)

Company auditors

 

Last updated: 20/10/2014 12:00