Smsf auditor competency exam preparation

The competency requirements for auditors of self-managed superannuation funds are mandatory for members of these professional accounting bodies wishing to audit SMSFs. The SMSF auditor competency exam was developed by ASIC in consultation with industry. A recorded webinar is available to help members prepare for the competency exam.


Topics Covered This session will cover the requirements, audit risks, audit procedures and audit evidence relating to the key learning objectives prescribed by ASIC which auditors may be tested on when sitting the competency exam. How to become a SMSF auditor? What is required pass mark for SMSF? When must SMSF be audited? Understands the requirement to prepare a tailored audit plan for each financial statements audit.


Able to identify appropriate audit procedures in response to relevant financial statements audit risks. ASIC SMSF Auditor Competency Exam Training. Private training for your firm. ARC Super can come to your firm to provide training thereby saving you time and money.


Sample – Submit SMSF auditor annual statement. This document sets out the questions that we will ask in the approved self -managed superannuation fund ( SMSF ) auditor annual statement. You should read it in conjunction with.


Regulatory Guide 243. Registration of self-managed superannuation fund auditors (RG 243). This guide explains how to apply for registration as an approved SMSF auditor and the requirements for registration. The guide also gives guidance on the continuing legal obligations of approved SMSF auditors.


Learning Objectives relating to the audit of an SMSF , SMSF Competency Exam Preparation. Below are the more recent SMSF audit fee statistics auditor , and another $1to undertake a competency examination. Financial Services Guide Tips to Pass the CISA Exam not relevant to the standards on the actual written exam.


Under the SIS Act, ASIC also has the responsibility for setting competency standards and imposing any administrative standards to ensure all SMSF auditors meet the required standards of competency and expertise. SMSF early engagement and voluntary disclosure service. Each year an approved self-managed super fund ( SMSF ) auditor must audit your fund.


One is a financial audit where they are literally looking at the numbers reported in the financial statements. An auditor must form an opinion as to whether the numbers reported are correct and give a fair representation of the financial state of the fund. SMSF auditors who have had their registrations cancelled can re-apply for registration if they have passed the competency exam in no more than two attempts over months. From July last year the law has required all auditors of SMSFs be registered with ASIC and meet minimum competency requirements.


Pass a competency exam , and be a “fit and proper person”. Hold adequate and appropriate professional indemnity insurance. You can find out more about the criteria to become an ASIC-registered SMSF auditor by visiting ASIC’s SMSF auditor home page.


SMSF auditing and can be individually identified as a provider of SMSF audit services. Details of the registration regime for auditors working in the SMSF sector, announced this week by superannuation minister Minister Bill Shorten, are broadly been in line with industry expectations although questions still remain around quality assurance. Education – Completing specific courses of study, including in ethics and audit.


Tools and templates – Reviewing tools and templates to ensure they are up to date and complete. Exam – Sitting and passing the SMSF auditor competency exam. Proof of CPD – Providing proof of compliance with CPD requirements annually for three years. An approved SMSF auditor must undertake the activities required by law and meet the conditions of registration for the annual statement period. You can search the SMSF auditor register to check the details and conditions of your registration.


Is all the information about your registration contained on the SMSF auditor register correct? This calendar is provided to give candidates an overview of exam dates and venues. There will be changes to the calendar from time-to-time because of operational and other requirements, and this calendar may not always be updated immediately.

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