How to Become an SMSF Auditor?
The concept of self-managed super funds (SMSFs) is gaining popularity in Australia. Many people - young and old - have their own SMSFs to plan their own retirement funds.
While SMSF merits full control, it is absolutely wrong to think that it is an easy job. It is important to note that you must be aware of the compliance requirements and regulations set by the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC).
With the current bill lobbied under the government that proposes a 3-year audit for some SMSFs, more skilled and seasoned SMSF auditors are needed to audit these super funds, making sure the funds are compliant to ATO and ASIC regulations.
But what does it take to be an SMSF auditor? Can you audit your own SMSF? Can you let your friend audit your SMSF? Below are the things you need to do to be a registered SMSF auditor.