SPAA urges auditors to register with ASIC

The SMSF Professionals’ Association of Australia (SPAA) is urging practitioners to register as soon as possible to ensure they do not miss out on auditing funds from the start-up date.

From 1 July 2013, registration – which may be completed online – will be mandatory for anyone conducting an SMSF audit.

The Australian Securities and Investments Commission (ASIC) said sanctions may apply if an auditor accepts an audit engagement after July 1 without being registered.

In order to be registered, SMSF auditors must meet minimum education, experience and competency requirements.

Auditors who decide to get registered will need to complete at least one audit and will also need professional indemnity insurance.

If fewer than 20 audits have been signed off in the year before registration, completion of an examination is also required.

“It’s critical that auditors move quickly to register with ASIC if they have made a decision to remain part of this vibrant sector of the superannuation industry and [to] continue auditing SMSFs,” SPAA chief executive Andrea Slattery said in a statement.

ASIC has recommended applicants lodge by the end of April to provide ASIC adequate time to process their application.

ASIC said existing approved SMSF auditors can apply for registration under transitional arrangements until the end of June, which may exempt them from some registration requirements.

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