The module Being an SMSF auditor is the starting point for both the aspiring and experienced auditor. It outlines both the initial and ongoing requirements that need to be met by SMSF auditors, including the application of the independence requirements.
Auditors need to be aware of not only the Superannuation Industry (Supervision) Act 1993, Superannuation Industry (Supervision) Regulations 1994 and ASIC requirements, but also the requirements imposed by their respective professional body, including quality control standards and other professional and audit standards.
A heavy reliance is placed on the work performed by SMSF auditors and the integrity of the SMSF industry relies on the conduct of a quality audit by competent practitioners.
On completing this module, you should be able to:
- understand the regulatory framework that applies to SMSF auditors
- understand the SMSF audit registration and ongoing education requirements
- identify the connection between the auditor competency requirements set by ASIC, professional bodies and the professional and audit standards
- apply the auditor independence requirements.