From 1 July 2013, auditors will need to be registered with ASIC as an approved SMSF auditor if they wish to conduct SMSF audits.
The new SMSF auditor register will begin on 31 January 2013 and will be available to the public.
Existing ‘approved auditors’ can apply for registration under transitional arrangements between 31 January 2013 and 30 June 2013.
Auditors will need to apply to ASIC by 30 April 2013 to ensure their application can be processed by 1 July 2013.
UPDATE: 12 December 2012
In preparation for the introduction of the new self-managed superannuation fund (SMSF) auditor regime, ASIC has released Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243), which explains:
• how to apply for registration as an approved SMSF auditor
• the types of registers of SMSF auditors ASIC will maintain, and
• the transitional arrangements for the registration of existing approved auditors of SMSFs.
ASIC has also released a new class order Competency standards for approved SMSF auditors ([CO 12/1768] Competency standards for auditors of self-managed superannuation funds), which details the SMSF auditing competency standards SMSF auditors will be required to meet in the new regime.
