SMSF Specialist Auditor
This program is for audit professionals with a
higher requirement and responsibility for skills and knowledge due
to their statutory obligations.
"I believe that having the
Specialist credentials sends a clear signal to other professionals
working with a particular SMSF that the auditor knows what they're
doing." Christopher Levy, SSAud of Aquila Super
Who can apply for
Specialist Auditor Membership?
To be eligible to undertake the SMSF Specialist Auditor™ program
you must satisfy the requirements listed in the Eligibility
Criteria below. SPAA General Members who provide exclusive SMSF
auditor services and SMSF Specialist Advisors who provide SMSF
audit services may apply.
The Eligibility Criteria will be evaluated as part of the
SSAud® Questionnaire form. It is therefore incumbent on
the applicant to satisfy this criteria prior to entering into the
program, as this will affect their chance of successful
completion.
|
Eligibility
Criteria
|
All
candidates
|
| Be a Registered Company Auditor or a member of
one of the following approved organisations - ICAA, CPA, IPA,
a member / fellow of ATMA or a fellow of NTAA |
Yes
|
| Be a SPAA
General Member. |
Yes
|
| Structured Training: Have
attended a minimum of 40 hours of structured SMSF training in the
past 3 years, of which at least 8 hours is structured audit
training. |
Yes
|
Practical SMSF Audit experience: Have completed
1,000 hours of practical SMSF audit in the past 3 years, of which
at least 500 hours was in a senior or supervisory role;
OR
Have signed off as the "Approved Auditor" on 75 or more SMSF
audits in the past 12 months. |
Yes
|
| Supply two written character references. |
Yes |
| Agree to
conduct SMSF audits in accordance with the SPAA Standards of
Professional Conduct for SMSF Specialist Auditors. |
Yes
|
| Agree to conduct SMSF audits in accordance with
Guidance Statement GS 009 Financial & Compliance Audits of Self
Managed Superannuation Funds issued by the Auditing and Assurance
Standards Board. |
Yes
|
| Agree to
satisfy SPAA's Continuing Professional Development and Quality
Review Program requirements. |
Yes
|
| Hold current valid and binding Professional
Indemnity insurance covering the SMSF audit service. |
Yes
|
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What does the
SSAud® Program consist of?
The SSAud® program consists of only
two components:
1. Examination
SPAA's online examination process is fully supervised.
Applicants are required to nominate an examination
supervisor who is responsible for ensuring that SPAA's
examination conditions are adhered to. The SPAA Online Examination
Centre provides both the applicant and the examination supervisor
the convenience of deciding when and where the examination is to be
conducted.
The Online Examination is 2 hours in duration and consists of
120 multiple choice questions. No written answers are
required. Access to the exam is via a unique electronic
log-in and password.
In order to prepare for the Online Exam you will be given the
following:
-
The SPAA Online Examination Centre Tutorial which provides
information on how to navigate the online examination
environment.
-
The SMSF Specialist Auditor™ Practice Examination containing 25
sample questions that enable the applicant to determine the level
at which the questions in the examination are set.
- A list of examinable topics.
Important note: This accreditation program is
not an educational
course, therefore SPAA does
not supply any further materials other than those
stated above. SPAA expects that an applicant undertaking the
program already has up-to-date and comprehensive SMSF knowledge.
Any study undertaken prior to the examination is at the applicant's
discretion with SPAA's list of examinable topics enabling the
applicant to design their own learning program.
Applicants are permitted a maximum of two (2) attempts to
pass the Online Examination.
2. Questionnaire
This short questionnaire tests and verifies your adherence to
the SMSF Specialist Auditor Program Eligibility Criteria. At
the time of completing this questionnaire you are also
required to provide the details for your two (2) nominated referees
and verify that your CPD activities have been provided for a
CPD Activity Check. Please see further details about these
components below.
Referee Check
You are required to provide the details for two (2) referees who
are willing to support your application for specialist
accreditation. Referees must meet the following criteria:
-
Relationship to candidate must be in the capacity of
professional associate, co-worker/peer or manager/supervisor.
-
The professional relationship must have existed for a period
longer than 2 years.
SPAA will carry out short referee checks via telephone to verify
the details above and professional credibility.
CPD Activity Review
You are requested to provide details of your CPD activities
which fall within the current triennium period. SPAA will
then conduct a review of the CPD details provided to ensure they
meet the requirements of the SPAA CPD
Policy.
If at the time of submitting the Questionnaire, you are yet
to complete the first full year of your first triennium, your
CPD activities will not be reviewed as part of the accreditation
process. Instead you will be flagged for a compulsory CPD
activity check at the conclusion of Year 1 of your first triennium
to ensure you have achieved the minimum 20 CPD points as per
the SPAA CPD Policy.
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Program
Timeframes
You are required to successfully complete both components of the
Program (Online Examination and SSAud Questionnaire) within two (2)
months of entering the accreditation program.
If you fail to successfully complete the SPAA Specialist
Accreditation Program within the required two (2) month timeframe
you will incur an Extension Fee of $220 (GST incl). This fee grants
you a maximum four (4) month extension.
Failure to successfully complete both components within six (6)
months of entry in to the program will result in your application
being terminated. At this time you will forfeit all fees paid
and results already earned. Should you wish to re-enter the
Specialist Program in the future you will be subject to the same
conditions as all new entrants, that is, you will be required to
pay in full and successfully complete both components of the
Program.
Special circumstances can be submitted for consideration by the
SPAA Professional Standards Committee (PSC).
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Do the Standards of
Professional Conduct of SMSF Specialist Auditors apply to all SPAA
SMSF Specialist Auditors?
Yes. The SPAA Standards of Professional Conduct for SMSF
Specialist Auditors™ apply to all SMSF Specialist Auditors. As the
'gatekeeper' between the SMSF trustee and the Regulator it is
imperative the SMSF Specialist Auditor performs their duties to
best practice standards to continue to build the integrity of the
SMSF industry.
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How to join the SMSF
Specialist Auditor Program
Before applying you must be a SPAA General Member. Non-members,
join SPAA now.
Existing SPAA Members can use either of the options below:
Option 1: Join Online
Option 2: Download the forms - Please download
the documents below and complete the following steps:
Steps:
-
Read the SMSF Specialist Auditor Program Rules &
Conditions.
-
Complete the Agreement & Payment Form (on back page of the
SMSF Specialist Auditor brochure).
-
Return the completed Agreement & Payment Form. Fax: (08)
8212 5993 or Post: SPAA, PO Box 6540, Halifax St, ADELAIDE SA
5000.
-
SPAA will contact you to acknowledge receipt of your completed
application and payment of fees in full (refer to Schedule of
Fees). Appropriate Examination and Questionnaire documents will
be forwarded to you shortly thereafter.
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