CPA Australia, the Institute of Chartered Accountants in Australia and the Institute of Public Accountants have developed a set of competency requirements for auditors of self-managed superannuation funds (SMSFs).
The competency requirements are mandatory for members of these professional accounting bodies wishing to audit SMSFs for financial years commencing on or after 1 July 2008.
See: Competency requirements for auditors of self-managed superannuation funds (PDF)
Public practitioners who are auditing SMSFs must meet the following professional standards requirements:
- hold a practising certificate issued by the professional accounting body of which they are a member
- have continuing professional indemnity cover
- undertake continuing professional development
- ensure that those who undertake work on their behalf have appropriate knowledge and experience, and are properly supervised in the conduct of the audit.
In order to address these areas adequately, members must be familiar with the Australian Auditing Standards, the Superannuation Industry (Supervision) Act 1993, and the relevant Australian professional and ethical standards.
Members will be required to complete a course in the audit of SMSFs prior to commencing in the area of SMSF audit. They will also need to complete at least 30 hours of relevant continuing professional development activity in each rolling three year period, comprising the following as a minimum for each category, with the balance made up from any of these categories as necessary:
- eight hours of superannuation training
- eight hours of financial or compliance audit training
- four hours of financial accounting training.
Members will be able to undertake courses provided by other professional accounting bodies. But, members must ensure the course meets our CPD guidelines.
Compliance with the competency requirements will be monitored through CPA Australia's quality assurance program and the ATO is also considering inclusion in their auditor review program.
Registered SMSF auditors are also required to comply with ASIC Class Order CO 12/1687 Competency standards for approved SMSF auditors.