Conducting SMSF audits
To conduct self-managed super fund (SMSF) audits, you must:
- be registered with the Australian Securities & Investments Commission (ASIC) as an approved SMSF auditorExternal Link
- have a valid SMSF auditor numberExternal Link (SAN)
- meet ongoing obligations as prescribed by the
- comply with your ongoing ASIC obligationsExternal Link.
Complying with SISA and SISR requirements
Under section 128F of the SISA, you are required to:
- complete the continuing professional development (CPD) requirements as prescribed in regulation 9A.04 of the SISR
- hold professional indemnity insurance at the level prescribed in regulation 9A.05 of the SISR
- comply with the applicable auditing and assurance standardsExternal Link issued by the Auditing and Assurance Standards Board.
Under regulation 9A.06 of the SISR, you are required to comply with the auditor independence requirements specified in APES 110 – Code of Ethics for Professional Accountants (including Independence standards)External Link.
You must also comply with any conditions that ASIC has imposed on your SMSF auditor registration under section 128D of the SISA.
Impact of AI on auditors
The Auditing and Assurance Standards Board (AUASB) has issued considerations for auditors on the use of artificial intelligence (AI)External Link.
SMSF auditors should review this information if you or the entities you are auditing use AI tools or are considering using AI.