26 Jun 12 SMSF Auditor Registration
In media release No 2012/036, issued 23 June 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, announced further details of SMSF auditor registration.
Auditors will need to meet the following requirements to be registered as an SMSF auditor:
- hold a tertiary accounting qualification that includes an audit component or have successfully completed study in audit as part of a professional accounting body program;
meet a fit and proper test;
- hold professional indemnity insurance;
- have 300 hours of SMSF audit experience in the three years prior to registration, subject to transitional arrangements; and
- pass a competency exam, subject to transitional arrangements.
Auditors will be able to apply for registration from 31 January 2013. All auditors must be registered with ASIC by 1 July 2013 to conduct SMSF audits after this time. Auditors required to sit the competency exam will be able to do so from 1 July 2013 and will have until 30 June 2014 to complete the exam and become fully registered.
For more information, go here