Self Managed Superannuation Funds (SMSF) give you more control over where and how your super money is invested.
SMSF’s are required from the 1st July 2013 to be audited every year by an independant ASIC Registered Auditor. At that date, of the 11,000 SMSF auditors that audited self managed super funds less than half of these were registered.
An SMSF auditor examines the validity and accuracy of an SMSF’s financial records and makes sure that the fund is compliant with superannuation rules.
ASIC Registered SMSF auditors are listed on the asic.gov.au website for trustees to check.
Before considering the setup of a self managed superannuation fund you should review your financial situation to determine if having a self managed superannuation fund is the best thing for you.
A registered SMSF Auditor must:
– keep their details up-to-date with ASIC
– lodge an annual statement with ASIC
– complete the prescribed ongoing professional development
– hold the prescribed professional indemnity insurance.
They must also comply with:
– the auditor independence requirements set out in APES 110 Code of Ethics for Professional Accountants produced by the Accounting Professional & Ethical Standards Board Limited
– the applicable auditing, or auditing and assurance, standards issued by the Auditing and Assurance Standards Board (AUASB)
– the SMSF auditor competency standards issued by ASIC in Class Order [CO 12/1687] Competency standards for approved SMSF auditors.
For more information, see Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243). Regulatory Guide 243 Registration of self-managed superannuation fund auditors (RG 243).