Q: Do I have to do this training even if I only perform one SMSF audit a year? 
 
Even if you perform one audit of an SMSF per year, you are expected to display and maintain the appropriate knowledge and education for the work you undertake as required by the profession’s standards. 
 
Q: What is the cost?  
 
Auditors who are currently ensuring they have the appropriate education and training to perform this work will not incur any additional cost. Those, which have not been maintaining their knowledge base, will incur the costs of additional training. 
 
Q: Do I have to do 30 hours of SMSF training?  
 
No, you are required to do at least 8 hours of SMSF training, the other training can be focused on accounting and auditing skills. 
 
Q: Why do I have to do extra training?  
 
This is not additional training -- only clarification of the appropriate training required by those performing SMSF audits. 
 
Q: Isn’t 30 hours of CPD too onerous?  
 
The requirement is for 30 hours a triennium across a number of disciplines, which impact on superannuation funds as well as other accounting functions. It is anticipated that the training requirement would be partially met by the member existing training schedule.  
 
Q: Why is this mandatory?  
The reality is that some SMSF audits have not been up to standard and we must take action to address quality concerns, in the public interest.  
 
Q: Why do I need to have a practicing certificate?  
 
All members undertaking work as a member in practice including the audit of SMSFs are required to hold a practicing certificate. This provides the community with protection in the form of PI cover and the supervision of the member via the QR program. 
 
Q: What if I have done training with another body?  
 
The bodies do not require training to be sourced from their own training offerings and encourage members to seek the training they feel offers the best information and outcomes for them. 
 
Q: Do I have to meet the minimum CPD requirements before 1 July 2008? 
 
No. The minimum CPD requirements only apply for financial reporting periods from 1 July 2008. You do not have to complete the CPD requirements before 1 July 2008. However, if your current CPD triennium continues after 30 June 2008, any CPD completed before 1 July 2008 will be recognised under the new requirements. 
 
Q: Do my employees doing audit work have to hold a public practice certificate? 
 
No. The auditor signing the audit report must hold a public practice certificate. However, the auditor must ensure that staff undertaking audit work have appropriate training to undertake the delegated functions.