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Competency Requirements for Auditors of Self Managed Super Funds
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The draft set of competency requirements the Institute, along with the CPA Australia and the NIA have developed for auditors of SMSFs has involved consultations with stakeholders. 
 
It is mandatory for a member undertaking an SMSF audit to meet the following requirements: 

  • Hold a practicing certificate issued by the professional accounting body of which they are a member – the Institute of Chartered Accountants in Australia, CPA Australia Ltd or the National Institute of Accountants 
  • Have relevant Professional Indemnity Cover 
  • Undertake Continuing Professional Development as set out in the requirements 
  • Ensure that those who undertake work on their behalf have appropriate knowledge and experience, and are properly supervised in the conduct of the audit
The competency requirement will be operative for financial reporting periods commencing on or after 1 July 2008. However, members are encouraged to adopt these requirements earlier. 
 
The competency requirement recognises that auditing of SMSFs is an area that has grown significantly in recent years, where additional guidance for members is appropriate. It does not represent the establishment of a designated specialisation. 
 
As part of the consultation process the Institute will consider member feedback before the requirements are finalised in early 2008. The consultation period has now passed. The Institute thanks all those that commented.