Under the new licensing regime ASIC has begun the registration process for auditors, but the regulator has warned practitioners that applications received after 30 April may not be approved by 1 July, with the end result being that some auditors may miss out on auditing funds from the start-up date. 

SPAA CEO Andrea Slattery says: “It’s critical that auditors move quickly to register with ASIC if they have made a decision to remain part of this vibrant sector of the superannuation industry and continue auditing SMSFs. 

“We are communicating with all our members, and will reinforce the message at our national conference next month, the importance of both meeting the new requirements and the deadline as set out by ASIC.”  

Auditors who decide to get registered will need to complete at least one audit and meet certain educational requirements of which the SPAA SSAud designation is on the list of approved qualifications.  There is also an examination required to be completed if less than 20 audits have been signed off in the year before registration. 

Another requirement is professional indemnity insurance and it is important that auditors ensure that their policy meets the SIS requirements. 

Mrs Slattery says: “The importance of the correct PI insurance is sometimes overlooked by auditors. But ASIC has made it quite clear it will only accept PI policies, such as the one designed by SPAA, which are specifically designed to meet the requirements as stipulated in the SIS legislation.” 

The changes to the licensing of auditors is just one part of the changes sweeping the SMSF industry this year with accountants and financial planners also having to adapt to new licensing rules. 

Mrs Slattery says: “What these new regulations demand is a higher level of competence from advisors, whether they are auditors, accountants or planners. The need for all advisors to improve their skills and being able to demonstrate their professionalism has never been more important.”

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