A set of competency requirements for auditors of self-managed superannuation funds (SMSFs) has been developed by CPA Australia, the Institute of Chartered Accounts in Australia and the National Institute of Accountants.
The competency requirements will be mandatory for members of these professional accounting bodies who audit SMSFs for financial years commencing on or after 1 July 2008. Members are encouraged to adopt these requirements earlier.
The popularity of SMSFs continues to grow, with accountants playing an increasingly important role to ensure SMSF trustees comply with superannuation law.
SMSF trustees are responsible for ensuring their fund meets a number of legislative requirements in order to receive generous tax concessions.
Each year they must have independent financial and compliance audits conducted on their fund to check they are meeting these requirements.
In the current regulatory environment, it is necessary for accountants to have the appropriate level of knowledge and experience to perform these complex audits, in particular the compliance audit.
Members undertaking SMSF audits will also need to hold a practicing certificate issued by one of the three bodies and have relevant professional indemnity insurance.
Further information
