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ARTICLE · 10 MARCH 2013

SMSFs and auditors registrations - Are you ready for 1 July 2013?

Cooper Grace Ward
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Any auditor who wishes to sign off on audit reports for SMSFs must be an 'approved SMSF auditor', registered with ASIC.

AustraliaFinance and Banking
Greg Cahill
Greg Cahill
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From 1 July 2013:

  • Any auditor who wishes to sign off on audit reports for self-managed superannuation funds (SMSFs) must be an 'approved SMSF auditor'.
  • SMSF trustees who engage an auditor who is not an 'approved SMSF auditor' will breach the Superannuation Industry (Superannuation) Act 1993.

An approved SMSF auditor is one registered with ASIC, which becomes responsible for monitoring approved SMSF auditors. A person or entity applies to be an approved SMSF auditor through the ASIC website using ASIC Connect from 31 January 2013. Once registered, an auditor will be issued a SAN (SMSF auditor number).

ASIC has announced that, to be registered before 1 July 2013, applications must be lodged with ASIC by 30 April 2013. From 1 July 2013 an auditor cannot audit SMSFs until registered, even with a pending unfinalised application.

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