Meeting mandatory requirements

• Register to become an SMSF auditor with ASIC

  ASIC sets out a number of standards that must be met to become registered as an SMSF auditor.

  You will need to meet key conditions:

  • You have the prescribed qualifications (see RG 243.7–RG 243.9);
  • You have the prescribed practical experience (see RG 243.10– RG 243.12);
  • You have passed a competency examination in accordance with s128C (see RG 243.13);
  • You are unlikely to contravene the obligations of an approved SMSF auditor (see RG 243.32–RG 243.33);
  • You are capable of performing the duties of an approved SMSF auditor (see RG 243.34–RG 243.35);
  • You are a fit and proper person to be registered as an approved SMSF auditor (see RG 243.36–RG 243.38);
  • You have adequate and appropriate PI insurance (see RG 243.39– RG 243.43);
  • You are an Australian resident (see RG 243.44); and
  • You do not have certain disqualifications or suspensions in force (see RG 243.45).

  ASIC criteria

  You can find out more about the criteria to become an ASIC-registered SMSF auditor by visiting ASIC’s SMSF auditor home page.

  Visit the ASIC site
• Ongoing requirements

  A number of ongoing requirements must be satisfied by approved SMSF auditors.

  ASIC’s requirements

  • Keep your details up-to-date with ASIC
  • Lodge your annual statement with ASIC
  • Complete the prescribed ongoing professional development
  • Hold the prescribed professional indemnity insurance
  • Comply with any conditions imposed on your registration by ASIC
  • Auditor independence requirements set out in APES 110 Code of Ethics for Professional Accountants

  Meeting APES 110 Code of Ethics

  Ethical integrity is always paramount for members of our profession, and registered SMSF auditors must adhere to the standards and auditor independence requirements set out in APES 110 - Code of Ethics for professional accountants.

  This requirement applies to all SMSF auditors regardless of which professional accounting body you are a member of.

  More detail on competency standards can be found in ASIC’s Regulatory guide 243 Registration of self-managed superannuation fund auditors (RG 243).

  Learn more

  ASIC's Regulatory guide 243 registration of self-managed superannuation fund auditors (RG 243).

  Read more
• Maintaining auditor independence

  Independence is critical to ensuring the integrity of an audit.Reflecting this, SMSF auditors need to maintain the standards of independence set out in the SIS Regulations as well as the specific independence requirements included in the Australian Professional and Ethical Standards APES 110 - Code of Ethics for Professional Accountants.

  To support our members, we have developed an Independence Guide for auditors.

  This Guide is designed for members in public practice, and it covers independence in the context of assurance engagements.

  Independence Guide

  A guide for SMSF auditors on how to remain independent written by the Joint Accounting Bodies.

  Download guide
• Meeting audit standards

  As an SMSF auditor you must comply with auditing and assurance engagement standards in addition to compliance with set competency standards.

  A range of publications is available to help you comply with auditing standards when conducting SMSF audits.

  Auditing and Assurance Standards

  The Australian Auditing Standards set out requirements for auditors, and provide explanations on the responsibilities of an auditor engaged to audit a financial report, a complete set of financial statements, or other historical financial information.

  Resources

  Available resources from the Australian Auditing and Assurance Standards Board.

  Learn more

  Guidance Statements

  A number of guidance statements are also useful for SMSF auditors. These include:

  • Guidance Statement GS 009 -Auditing Self-Managed Superannuation Funds (SMSFs). You’ll find practical assistance, explanatory details and procedures useful for conducting SMSF audits. Use GS-009 in combination with the audit standards and Australian Taxation Office (ATO) requirements to ensure proper discharge of your statutory responsibilities.
  • Guidance Statement GS 007 – Auditing Implications of the Use of Service Organisations for Investment Management Services. This Guideline provides support for auditors of SMSFs that use service organisations for investment management services. It describes how the associated audit reports may be used as supporting evidence in the audit of the SMSF.

  Download the guides

  Guides are available for download from the Australian Auditing and Assurance Standards Board.

  View Guidance Statements
• ATO resources

  Approved auditors play a key important role in the SMSF market, and as such the ATO provides the following tools and guidance on its SMSF auditor homepage:

  • Self-managed superannuation fund independent auditor's report - the latest approved form of the SMSF independent auditor's report.
  • Completing the Auditor/actuary contravention report - the audit/actuary contravention report (ACR) is used by auditors and actuaries to provide written details of any contraventions made by SMSF trustees. You’ll find instructions and guidance about the reporting criteria and examples that can assist with completing an ACR.
  • Approved SMSF auditor checklist - What ATO looks for when auditing the auditor.

  Resources from ATO

  Access these resources and more from the SMSF auditor page on the ATO site.

  SMSF Resources