Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

SMSF auditor registration guidance issued

Dec 11, 2012

The Australian Securities & Investment Commission (ASIC) yesterday released guidance to assist auditors of self managed superannuation funds (SMSF) register with ASIC. The guidance has been issued ahead of a new registration scheme for auditors to commence on 31 January 2013 as part of the Federal Government’s ‘Stronger Super’ reforms.

Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243) explains how to apply for registration as an approved SMSF auditor, the types of registers of SMSF auditors maintained by ASIC and the transitional arrangements for the registration of existing approved auditors of SMSFs.

Applications for registration can be made from 31 January 2013 and auditors will need to be registered with ASIC to conduct audits of SMSFs from 1 July 2013. ASIC advises that any transition concessions are only available for auditors who are registered by 30 June 2013.

From 1 July 2013, to be engaged by the trustee of an SMSF to audit their fund and sign the IAR an auditor must be registered with ASIC as an approved SMSF auditor. SMSF trustees will be required to provide the SMSF Auditor Number (SAN) of their appointed auditor when lodging their SMSF annual return (SAR).

Applicants must pass an ASIC-approved competency test before receiving their registration. Some existing approved auditors that apply for registration as an approved SMSF auditor before 1 July 2013 and meet certain conditions - may be registered on the basis that they pass the competency test by 1 July 2014. 

ASIC has also released proposed competency standards ([CO 12/1687] Competency standards for approved SMSF auditors). ASIC intends to execute the final standards in this form later this week. The competency standards for auditors of self-managed superannuation funds detail ongoing requirements for registered SMSF auditors and will apply from 1 July 2013. These standards are based on pre-existing standards issued by The Institute of Chartered Accountants in Australia, CPA Australia and the Institute of Public Accountants, which also apply to members of the Superannuation Professionals’ Association of Australia Limited, thus ensuring continuity in requirements for most SMSF auditors.

ASIC Commissioner Greg Tanzer said ‘SMSF auditors play an important role as gatekeepers in providing an independent opinion on SMSF financial reports and compliance with legislative requirements. In this regard, auditors assist in protecting the retirement income of thousands of Australians.

‘By setting appropriate standards for SMSF auditors, the new regime will help provide better protection of every day Australians in their retirement’, Mr Tanzer said.

For more information:?

Tags: Accountant SydneyChartered AccountantRetirementSMSFSuper

Author: Mr Taxman

Comments

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "Do you think that to dramatically improve your success rate you have to read tons of thick books, buy expensive software and spend countless hours of learning more about Forex? What I'm going to..."

    By: priyanka at Jun 18, 2018 5:37AM

    Post: Foreign currency trading

  • "Thanks to everyone out there who has given my company a good credibility record in terms of financing. our aim is to help people with money at a low interest of 3%. I want to use this medium to..."

    By: Raymond Hills at Jun 17, 2018 11:32PM

    Post: 101 Ways to Save Money on Your Tax Legally

  • " BE SMART AND BECOME RICH IN LESS THAN 3 DAYS....It all depends on how fast you can be to get the new PROGRAMMED blank ATM card that is capable of hacking into any ATM machine, anywhere in the..."

    By: Johnny Trent at Jun 17, 2018 5:16PM

    Post: The secret to getting your loan approved

  • "my name Mrs. Helan, i am from Canada i have been searching for a genuine loan company for the past 4 years and all i got was bunch of scams who made me to trust them and at the end of the day, the..."

    By: Helen at Jun 16, 2018 2:07PM

    Post: The secret to getting your loan approved

  • "Has Mr Taxman closed down? I see there are no responses for over 12 months. Perhaps the site should be shut down if that is the case."

    By: Susan at Jun 16, 2018 1:57AM

    Post: Two important dates for those with HECS/HELP debts