SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 16 - ACTUARIES AND AUDITORS OF SUPERANNUATION ENTITIES  

Division 1A - Approved SMSF auditors  

Subdivision B - Obligations of approved SMSF auditors  

SECTION 128F   128F   PROFESSIONAL OBLIGATIONS OF APPROVED SMSF AUDITORS  


An approved SMSF auditor must:


(a) complete the continuing professional development requirements prescribed by the regulations; and


(b) hold a current policy of professional indemnity insurance, of a level prescribed by the regulations, for claims that may be made against the auditor in connection with audits of self managed superannuation funds; and


(c) comply with:


(i) any competency standards that the Regulator determines under section 128Q ; and

(ii) any auditing standards, made by the Auditing and Assurance Standards Board under section 336 of the Corporations Act 2001 , that are applicable to the duties of an approved SMSF auditor under this Act; and

(iii) any auditing and assurance standards, formulated by the Auditing and Assurance Standards Board under section 227B of the Australian Securities and Investments Commission Act 2001 , that are applicable to those duties; and


(d) comply with the auditor independence requirements prescribed by the regulations.




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