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SPAA’s auditor accreditation program gets thumbs up

12 Dec 2012
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The Federal Government’s recognition of the SMSF Professionals’ of Australia (SPAA) auditor accreditation program (SSAud) as an approved audit qualification is a win for true professionalism, says SPAA CEO Andrea Slattery. 

Under the Government’s new SMSF auditing regime, to begin on 1 July 2013, the SSAud designation will be recognised as a qualification which, in conjunction with a tertiary qualification, will allow an auditor to be admitted to the ASIC register as an approved SMSF auditor. In addition to meeting the qualification requirement all auditors will still be required to undertake the annual audit of 20 SMSFs. 

Mrs Slattery said: “The SSAud designation designed by SPAA has always been about raising the bar to the highest possible standards for auditors in the SMSF sector, and the Government has duly acknowledged this. 

“It now means that SPAA has been recognised by the Government as an industry leader in this field (it was also originally recognised under Schedule AAA of the SIS regulations), with the SSAud designation now embedded in the new regulatory regime. 

“What SPAA is now offering represents the highest level of recognition for SMSF auditors in Australia, and those that have done the accreditation program are recognised as market leaders in this field.” 

She said while it was an enormous fillip for SPAA to have its auditor designation signed off by the Government, it was far more important for those SPAA members who had acquired the SSAud designation to know their professional skills had been given the official nod of approval. 

“Since its inception 10 years ago, SPAA has always been about professional competency, about ensuring our members have the highest professional standards, so to have the SSAud designation as part of the industry’s new regulations is enormously gratifying.” 

SPAA also has welcomed ASIC issuing their final competency standards for approved SMSF auditors and is pleased to see that ASIC has improved its original draft standards by taking on board SPAA’s suggested improvements to the draft competency standards.

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