Changes announced to SMSF auditor registration
ASIC has announced changes to the way prospective SMSF auditors apply for registration, with a view to streamline and simplify the process.
Template documents – which enable applicants to provide the required level of detail about their relevant experience – have been added to the registration website. The templates include ‘statement from applicant’, ‘audit hours logbook’ and ‘statement from supervisor’.
ASIC commissioner Greg Tanzer says the changes were part of the regulator’s commitment to improve the client experience.
“ASIC is continually reviewing how we can improve the services we provide the community. If we can reduce the time required for what should be straightforward auditor registrations, this allows us to assess an application faster with the benefit of all information being available from the outset,” Mr Tanzer said.
Since July 2013, registration with ASIC is a requisite for those who wish to become an SMSF auditor. The registration process involves passing a competency examination and meeting a ‘fit and proper person’ test.
Applicants are reminded to use the checklist on the ASIC website to ensure they provide all the necessary information.