Auditor independence

Approved self-managed super fund (SMSF) auditors must comply with independence requirements as part of their professional obligations under the:

• Superannuation Industry (Supervision) Act 1993 (SISA)
• Superannuation Industry (Supervision) Regulations 1994 (SISR).

The independence requirements are set out in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (2018) (the Code) produced by the Accounting Professional & Ethical Standards Board (APESB). They are effective for all audits from 1 January 2020.

Auditing Standard ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements also requires auditors to comply with the independence requirements of the Code when carrying out assurance engagements – for example, the annual financial and regulatory compliance audit of an SMSF.

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