The Australian Securities and Investments Commission (ASIC) has revealed the total number of individuals who have become registered SMSF auditors has more than tripled since April, increasing from 1500 to 7035.
In line with this growth, applications to gain registered SMSF auditor status had also risen by over 100 per cent in this time frame, going from 3300 in April to just over 7300 in September.
ASIC commissioner Greg Tanzer said the process should be of great benefit to SMSF trustees.
“With the establishment of a public register, for the first time SMSF trustees are able to identify suitably qualified auditors to conduct an SMSF audit,” Tanzer told delegates at last week’s 2013 Institute of Chartered Accountants in Australia National SMSF Conference in Melbourne.
He added the registration regime should also be of assistance to accountants servicing SMSFs.
“We also hope among those using the register there are accountants who either verify that the auditor they’re referring to SMSFs they advise are registered with ASIC to conduct SMSF audits or they are looking to prove to others that they are in fact registered to conduct audits.”
According to the ASIC commissioner, 69,535 SMSF auditor searches had been conducted with the regulator to date.
In regard to the immediate future of the SMSF auditor registration process, he said they were anticipating having to hold over 1800 competency exams in the first operating year of the framework since the exemption for this requirement ended on 1 July.
“Through our Exam Assessment Provider Services Pty Ltd, ASIC has received approximately 330 exam bookings and we delivered around 120 SMSF auditor competency exams [to date].”