OVERVIEW

To ensure compliance with the rules, the Australian Taxation Office (ATO) as the regulator of SMSFs places reliance on the work of SMSF auditors. It is a legislative requirement that the financial statements of all SMSFs are audited each year. In many respects, the integrity of the SMSF industry relies on the conduct of a quality audit by competent practitioners.

Approved SMSF auditors are required to be registered with the Australian Securities and Investments Commission (ASIC). The legislation covers the requirements that must be met to enable registration with ASIC, competency standards and independence requirements.

LEARNING OUTCOMES
On completing this module, students should be able to:
• understand the regulatory framework that applies to SMSF auditors
• understand the SMSF audit registration and ongoing education requirements
• identify the connection between the auditor competency requirements set by ASIC, professional bodies and the professional and audit standards
• apply the auditor independence requirements.