ASIC has made changes which it says “simplifies and improves” the registration process for prospective SMSF auditors.
ASIC has released template documents “to enable applicants to provide the required level of detail about their experience”. These documents include a Statement from applicant, Audit hours logbook and Statement from supervisor.
“The changes will make it easier for applicants to provide all required information with their application. This will reduce red tape and save time for applicants as ASIC will generally not need to seek further details about their experience,” said ASIC.
“Applicants are encouraged to use the application checklist provided via the website, to ensure that they submit a complete application. Incomplete applications will be returned and they will need to re-apply.”
ASIC Commissioner Greg Tanzer said: “ASIC is continually reviewing how we can improve the services we provide the community. If we can reduce the time required for what should be straightforward auditor registrations, this allows us to assess an application faster with the benefit of all information being available from the outset.”
Since 1 July 2013 SMSF auditors have been required to be registered with ASIC.