ASIC proposes to allow class order [CO 12/1687] Competency Standards for Approved SMSF Auditors to expire ('sunset') on 1 April 2023.
The class order is made under s128Q(1) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and sets out competency standards for approved self-managed superannuation fund (SMSF) auditors. The competency standards require approved SMSF auditors to have knowledge of laws applying to those auditors.
Approved SMSF auditors must also comply with the auditing and assurance standards and independence requirements under s128F of the SIS Act.
ASIC has formed the view that the class order is no longer required and does not form a necessary and relevant part of the legislative framework. ASIC disqualifies and suspends SMSF auditors for not complying with auditing and independence standards as required by s128F of the SIS Act.
Making a submission
If you will be adversely affected by the expiry of [CO 12/1687] or you have feedback in relation to it, you should make a submission by 10 March 2023 to:
Financial Reporting and Audit Team
Australian Securities and Investments Commission
GPO Box 9827
Brisbane QLD 4001
