Super reforms deliver
register for auditors

A new register of auditors for self-managed superannuation funds (SMSF) has been introduced by the Australian Securities and Investments Commission (ASIC).
   The new register is part of the “Stronger Super” reforms designed to make the Australian superannuation system stronger and more efficient.
   Senior Executive at ASIC, Ged Fitzpatrick said the register and associated competency standards would improve the quality of SMSF audits.
   “The ability to identify registered SMSF auditors is critical in underpinning confidence for SMSF trustees,” Mr Fitzpatrick said.
More support for self-managed funds
   He said in order to be registered, SMSF auditors would be required to meet minimum education, experience and competency requirements while also maintaining professional indemnity insurance.
   Mr Fitzpatrick said existing approved SMSF auditors could apply for registration under transitional arrangements between 31 January and 30 June 2013, which may exempt them from some registration requirements.
   “Under these arrangements, registered company auditors are not required to undertake a competency exam nor are they required to complete 300 hours of work auditing SMSFs,” he said.
   ASIC has advised prospective registrants to apply early, as applicants will not be able to practise as SMSF auditors from 1 July 2013 until they are registered.
   It said applicants should lodge by 30 April 2013 to provide ASIC with adequate time to process their application.
   Auditors can apply to register as an SMSF auditor through the online portal, ASIC Connect.
Edition 347, 5 February 2013
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