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  • No SMSF audits for five years could result in cancelled auditor registration

    As a registered approved SMSF auditor, you're required to maintain your practical experience along with your continuous professional development (CPD).

    Under the Superannuation Industry (Supervision) Act 1993, ASIC can cancel the registration of an SMSF auditor who hasn't performed any significant audit work for a continuous period of five years. This is because they may no longer have the practical experience necessary to audit SMSFs.

    We will be writing to about 100 SMSF auditors who haven't been reported as the auditor on an SMSF annual return in the past five years and asking them to show why they believe they still have the necessary practical experience to audit SMSFs. We'll also request evidence that they've met their CPD and professional insurance indemnity (PII) requirements.

    SMSF auditors who can't demonstrate they've maintained their practical experience or who fail to provide evidence of their CPD and PII requirements may be referred to ASIC.

    If you wish to cancel your registration as an SMSF auditor you can do so at any time.

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      Last modified: 01 Apr 2019QC 58451