On 23 June 2012, the Minister for Financial Services and Superannuation announced details of new registration requirements for auditors of Self Managed Superannuation Funds (SMSF). From 1 July 2013 auditors must be registered with the Australian Securities and Investment Commission (ASIC) to audit SMSFs. To register, an SMSF Auditor must meet a number of requirements, including have at least 300 hours of SMSF auditor experience in the three years prior to registration and pass a competency exam. Transitional arrangements will apply to the registration requirements for existing SMSF approved auditors. In recognition of experience, auditors who sign off 20 or more audits in the 12 month period prior to applying for registration will not be required to sit the competency exam. Existing SMSF auditors who have signed off an SMSF audit within the 12 month period will be exempt from the ‘hours based’ experience requirement. Auditors who are required to pass the competency exam will have until 30 June 2014 to complete the exam. A Regulation Impact Statement was prepared by the Treasury and assessed as adequate by the Office of Best Practice Regulation.
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