DGK & ASSOCIATES - a CPA practice

DGK is a CPA Practice
ABN 72 002 667 898

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Audit Services & Audit Insurance

DGK & ASSOCIATES works closely with a panel of registered company auditors to make sure that the best auditors are appointed to handle specific client needs. We work with the auditors to ensure that the audits are completed in both a professional & painless manner.

New competency requirements for auditors of SMSFs

A set of competency requirements for auditors of self-managed superannuation funds (SMSFs) has been developed by CPA Australia, the Institute of Chartered Accounts in Australia and the National Institute of Accountants.

The competency requirements will be mandatory for members of these professional accounting bodies who audit SMSFs for financial years commencing on or after 1 July 2008. Members are encouraged to adopt these requirements earlier.

The popularity of SMSFs continues to grow, with accountants playing an increasingly important role to ensure SMSF trustees comply with superannuation law.

SMSF trustees are responsible for ensuring their fund meets a number of legislative requirements in order to receive generous tax concessions.

Each year they must have independent financial and compliance audits conducted on their fund to check they are meeting these requirements.

In the current regulatory environment, it is necessary for accountants to have the appropriate level of knowledge and experience to perform these complex audits, in particular the compliance audit.

Accountants undertaking SMSF audits will also need to hold a SMSF Auditor license issued by Australian Securities & Investments Commission and have relevant professional indemnity insurance.

Please contact us if you would like further information.