What are the continuing professional development requirements for SMSF auditors?

In Plain English

To stay registered, SMSF auditors need to keep their skills up to date. This means they have to do a certain amount of training every three years. Specifically, they need to complete 120 hours of professional development, with 30 of those hours focused on superannuation. At least 8 of those 30 hours must be directly related to auditing self-managed superannuation funds. The training should help them improve their technical abilities and how they deliver their services. They also need to keep a record of all the training they do for at least three years.

Detailed explanation

The continuing professional development (CPD) requirements for approved SMSF auditors are outlined in the Superannuation Industry (Supervision) Regulations 1994.

Regulation 9A.04 specifies the following:

• Requirement: An approved SMSF auditor must undertake at least 120 hours of continuing professional development every 3 years, as per paragraph 128F(a) of the Act.
• Content: The CPD must include at least 30 hours of development about superannuation, with at least 8 hours specifically about auditing of self-managed superannuation funds.
• Relevance: The development must be something that could reasonably be expected to enhance an approved SMSF auditor’s technical skills or professional service delivery.
• Record Keeping: The approved SMSF auditor must keep a written record of the development undertaken for at least 3 years after the end of the financial year in which the development occurred.