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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 128F

Professional obligations of approved SMSF auditors

                   An approved SMSF auditor must:

                     (a)  complete the continuing professional development requirements prescribed by the regulations; and

                     (b)  hold a current policy of professional indemnity insurance, of a level prescribed by the regulations, for claims that may be made against the auditor in connection with audits of self managed superannuation funds; and

                     (c)  comply with:

                              (i)  any competency standards that the Regulator determines under section 128Q; and

                             (ii)  any auditing standards, made by the Auditing and Assurance Standards Board under section 336 of the Corporations Act 2001 , that are applicable to the duties of an approved SMSF auditor under this Act; and

                            (iii)  any auditing and assurance standards, formulated by the Auditing and Assurance Standards Board under section 227B of the Australian Securities and Investments Commission Act 2001 , that are applicable to those duties; and

                     (d)  comply with the auditor independence requirements prescribed by the regulations.



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