Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 128F

    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.