SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
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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