Dusting off audit requirements
Auditors of self-managed superannuation funds (SMSFs) will need to hold a minimum competency requirement from July this year in a new initiative that aims to make auditor skills more transparent.
The new requirements were developed by leading accounting bodies CPA Australia, The Institute of Chartered Accountants in Australia and the National Institute of Accountants, and will be mandatory for members of the three professional bodies, which sign audit reports.
In a joint statement, the three bodies said the competency requirements will be operative for financial reporting periods commencing on or after July 1, 2008. However, earlier adoption is encouraged.
Auditors will be required to hold a public practice certificate issued by one of the bodies and must be able to complete the tasks of planning, gathering, evidence evaluation and decision-making in five key areas in the context of an audit of an SMSF.
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