Professional requirements

To conduct SMSF audits, you must:

  • be registered with ASICExternal Link as an approved SMSF auditor
  • have a valid SMSF auditor number (SAN) and
  • meet ongoing obligations as prescribed by the Supervision Industry (Supervision) Act 1993 (SISA) and the Superannuation Industry (Supervision) Regulations 1994 (SISR).and
  • conduct the following on an ongoing basis:
    • keep your auditor details up to date with ASIC
    • complete and lodge your annual statement to ASIC
    • pay the annual statement fee to ASIC

Under the SISA, you must comply with:

  • the auditor independence requirements set out in Code of Ethics for Professional Accountants (APES 110)External Link made by the Accounting Professional & Ethical Standards Board Limited (APESB) and issued in December 2010
  • the applicable auditing standards issued by the Auditing and Assurance Standards Board (AUASB), which include the relevant Australian Auditing Standards (ASAs) and the Standards on Assurance Engagements (ASAEs) the SMSF auditor competency standards issued by ASIC in Class Order [CO 12/1687] Competency standards for approved SMSF auditorsExternal Link
  • the reporting requirements, including for auditor contravention reporting
  • the prescribed ongoing professional development requirements
  • the requirement to hold prescribed professional indemnity insurance
  • any conditions imposed on your registration by ASIC

We work closely with ASIC to monitor the effectiveness of SMSF auditors. If we identify performance and compliance issues, including a failure to meet competency and independence requirements, we may refer you to ASIC for their investigation and action.

See also:

Last modified: 16 Jun 2015QC 45562