SMSF Auditor Registration Starts 1 July 2013

Auditors will need to meet the following requirements to be registered as an SMSF auditor from 1 July 2013:

• hold a tertiary accounting qualification that includes an audit component or have successfully completed study in audit as part of a professional accounting body program;
• meet a fit and proper test;
• hold professional indemnity insurance;
• have 300 hours of SMSF audit experience in the three years prior to registration, subject to transitional arrangements; and
• pass a competency exam, subject to transitional arrangements.

Transitional arrangements have been developed for existing SMSF approved auditors to give recognition to highly experienced, competent auditors. Auditors who sign off 20 or more audits in the 12 month period prior to applying for registration will not be required to sit a competency exam to become registered as an SMSF auditor.

Additionally, existing SMSF auditors who have signed off an SMSF audit within a 12 month period will be exempt from the hours based experience requirement when registering.

There will be a registration fee of $100 for auditors and a $50 fee when submitting their annual statement to confirm details of their registration. Auditors will be subject to a $100 fee for undertaking the competency exam.