Dear Peter,
In Andrew Bloore’s article on 1 November 2012, How the new SMSF audit rules affect you, he mentions that SMSF auditors will need to pass a competency exam.
This issue has created some controversy in the SMSF audit industry as this competency exam won’t be required for those who audit more than 20 SMSF audits per year.
a)Â 20 audits per year is not a large figure, i.e. an average 3.5 hours per audit x 20 = 70 hours per year.
b) There are many incompetent auditors out there, signing off on more than 50 SMSF audits – a number does not mean `competency’.
Many in the SMSF audit industry believe that ALL SMSF auditors should sit a competency exam, that is not too simple, such as SPAA’s SMSF Audit Exam.
However, it appears that the Professional Accounting bodies in Australia are indeed looking after their members, forcing those within Government that support stricter requirements, to back down.
Sincerely,
Benjamin Berri
Also in the Switzer Super Report
- Peter Switzer:Â Did the RBA make the right rates call?
- James Dunn:Â QBE vs IAG: has the storm passed?
- Ron Bewley:Â Which energy stocks should you buy?
- Gavin Madson:Â Is it time to move out of hybrids?
- Andrew Bloore:Â Make sure your kids get the super they’re entitled
- Paul Rickard:Â Question of the week: death of a member
