Accounting bodies withdraw SMSF auditor competency requirements

However, it said this does not change the competency requirements of SMSF auditors.

The Joint Accounting Bodies SMSF auditor competency requirements preceded the now repealed ASIC class order. The SMSF auditor competency requirements are now embedded into law to ensure the SMSF auditor competency framework is clear and unambiguous.

Originally issued in February 2008, Competency Requirements for Auditors of Self-Managed Superannuation Funds sets out the minimum competency requirements of the Joint Accounting Bodies who sign audit reports for SMSFs.

It formed the basis of ASIC Class Order CO 12/1687 Competency Standards for Approved Self-Managed Superannuation Fund (SMSF) Auditors in December 2012.

In a statement, the Joint Accounting Bodies said ASIC has repealed the Class Order because, over time, it has gradually been superseded by the following requirements in:

• Superannuation Industry (Supervision) Act 1993 and the Superannuation Industry (Supervision) Regulations 1994 and the auditing;
• the assurance standards issued by the Auditing and Assurance Standards Board (AUASB), the professional, ethical and independence requirements in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional and Ethical Standards Board (APESB);
• The ASIC registration process for becoming an Approved SMSF Auditor, including the SMSF auditor competency exam;
• The ASIC and Australian Taxation Office (ATO) regulatory oversight functions.

“Importantly, the knowledge required by candidates to succeed in the SMSF auditor competency exam is set out in the learning objectives on the ASIC website,” the statement reads.