What standards does an SMSF auditor have to meet?

To become an SMSF auditor, the initial rules to follow are outlined in ASIC’s Regulatory Guide 243, ‘Registration of self-managed superannuation fund auditors’.
On an ongoing basis, ASIC requires all SMSF auditors to remain compliant with APES 110 ‘Code of Ethics for Professional Accountants’, Class Order 12/1687 ‘Competency standards for approved SMSF auditors’, and the guidelines of the Auditing and Assurance Standards Board.

This is in addition to and auditing standards in their agreement with ASIC, and they must regularly keep all information up to date with the Australian Taxation Office (ATO). While ASIC keeps a register and updates relevant guidelines, the ATO takes the lead on SMSF auditor compliance. Some organisations, like CPA Australia, will also require a certain amount of professional indemnity insurance.

Should an auditor fail to meet standards, the ATO will refer them to ASIC for investigation and disciplinary action.