SMSF Association Submission – Regulation of accounting, audit and consulting firms consultation

The SMSF Association welcomes the opportunity to provide this submission in response to the Regulation of accounting, auditing and consulting firms in Australia consultation. 

The SMSF Association supports proportionate reform to address identified gaps in the oversight and monitoring of firms that provide audit services. While quality management and professional obligations already apply, firm-level accountability should be strengthened through a targeted registration model that applies to all relevant audit firms, regardless of structure, and requires ongoing compliance with international quality management and independence obligations.