ATMA SMSF Audit Requirements
ATMA members who are registered or are about to register under ASIC’s new SMSF auditor registration regime are reminded that they must satisfy the ATMA’s professional obligations in order to undertake SMSF audit activity.
ATMA members in addition to being registered with ASIC must also:
be a Member (MTMA) or Fellow (FTMA) of the ATMA. Please note that Associate (ATMA) status is not a sufficient membership level to audit SMSFs
* have a Public Practice Certificate (PPC)
* have completed a 2 day PPC workshop and attended a 1 day Public Practice & QA Update Workshop every 3 years
* have completed an SMSF audit workshop every 3 years
* have appropriate Professional Indemnity cover
* Complete continuing professional development (CPD) of at least 30 hours in each rolling three-year period (subject area content applies)
* adhere to the ASIC competency standards and ensure that those who undertake work on their behalf have appropriate knowledge and experience and are properly supervised in the conduct of the audit.
* Details of these competency requirements can be found on the ASIC website at:http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/co-12-1687-proposed-competency-standards-smsf-auditors-1.pdf/$file/co-12-1687-proposed-competency-standards-smsf-auditors-1.pdf
SMSF update - January 2013
On December 14, 2012 the ATMA made an important 10 page submission to the Treasury on draft regulations designed to replace the accountants’ exemption.
We made two main submissions: –
1. that suitably qualified members of the ATMA should be added to those members of the ICAA, CPA and IPA presently covered by the exemption and
2. that suitably qualified members of the ATMA should be added to those other members for whom "streamlining" will be available from 1 July 2013 in applying for the new "limited" AFSL.
The basis of our application was our new accreditation by the Professional Standards Council. We believe this accreditation, together with our recognised tax agent association (RTAA) status with the ATO puts us on at least an equal footing with the other three associations. We will keep members informed of the progress of the Treasury review of the new regulations – as it no doubt will have received many other submissions.
Because a number of our members are heavily involved in the SMSF area, there will be an article by our consultant solicitor, David Castle, in the next Tax Practice reviewing the anomalies which exist in this area and the very unclear boundaries between the work done by tax agents, financial planners and accountants.
The above submission and the article also question the scope and nature of the proposed new "limited" AFSL – very few details of which have so far been revealed.