No decision yet for accountants and SMSF auditors

No final decision or agreement has been reached yet on an appropriate replacement for the accountants’ exemption and the requirements for the registration of self-managed superannuation fund (SMSF) auditors.

The Institute of Chartered Accountants in Australia, together with the other professional accounting bodies, has been in consultation with the government since April 2010 on a viable solution that factors in the experience and expertise of professional accountants, as part of the Future of Financial Advice (FoFA) reforms.

The Institute’s Tax Counsel, Yasser El-Ansary, says the professional accounting bodies remain committed to the goal of increasing the accessibility and improving the affordability of financial advice.

‘With this in mind, it is critical that professional accountants can fulfil their important role as trusted advisors, and Australians are able to access the broad range of advice they require,’ he says.

Since the FoFA reforms were first announced, the Institute has informed members of any updates as they became available and will continue to do so when an outcome is reached in order to assist them in working through the impact of any policy changes in this important area of regulation.

Article last updated 27 October 2011