This program is for audit professionals with a higher requirement and responsibility for skills and knowledge due to their statutory obligations.
Who can apply for Specialist Auditor Membership?
To be eligible to undertake the SMSF Specialist AuditorTM program you must satisfy the requirements listed in the Eligibility Criteria (Table 1). SPAA General Members who provide exclusive SMSF auditor services and SMSF Specialist Advisor who provide SMSF audit services may apply.
The Eligibility Criteria will be evaluated as part of the SSAudTM Program Professional History & Experience assessment. 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.
Table 1 |
All candidates |
| Be a Registered Company Auditor or a member of one of the following approved organisations - ICAA, CPA, NIA, a member / fellow of ATMA or a fellow of NTAA |
ü |
| Be a SPAA General Member |
ü |
|
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 |
ü |
|
Practical SMSF Audit experience:
Have completed 1,000 hours of practical SMSF audit experience in the past 3 years, of which at least 500 hours is 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 |
ü |
| Supply two written character references |
ü |
| Agree to conduct SMSF audits in accordance with the SPAA Standards of Professional Conduct for SMSF Specialist Auditors |
ü |
| 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 |
ü |
| Agree to satisfy SPAA’s Continuing Professional Development and Quality Review Program requirements |
ü |
| Hold current valid and binding Professional Indemnity insurance covering the SMSF audit services |
ü |
Schedule of Fees
|
Application Administration |
$220 |
|
Exam sitting |
$440 |
|
Accreditation and Certification |
$440 |
|
Extension Fee (if required) |
$220 |
|
SPAA Specialist Membership (per annum) |
$660 |
|
Quality Review Program* |
(no charge unless required - refer Rules & Conditions) |
|
* Random annual review of up to 10% of all SPAA members conducted each year. |
How do I get accredited?
To apply for SMSF Specialist AuditorTM accreditation you will need to:
- Be a General Member or a SMSF Specialist AdvisorTM member of SPAA and meet the Eligibility Criteria.
- Log on to the SPAA website and access:
- SPAA Accreditation Program - SMSF Specialist AuditorTM Rules and Conditions.
- SPAA Standards of Professional Conduct for SMSF Specialist AuditorsTM.
- Complete Agreement & Payment Form (see back page) and submit with payment to SPAA or join online at www.spaa.asn.au.
- Within 24 hours of receipt of your application and payment SPAA will email you information about the Online Exam (including your electronic log-in and password) and the Professional History and Experience (PH&E) Evaluation form for your completion.
- You are required to achieve a score of 50% or greater for the online exam and 70% or greater on the PH&E evaluation.
- Upon successful completion of both components you will receive an evaluation report and letter via email.
What does the SSAudTM Program consist of?
The SSAudTM Program consists of two components:
1. Examination
2. Professional History & Experience
1. SPAA Accreditation Exam
SPAA has developed the SPAA Online Exam Centre so you can enjoy the convenience of deciding when and where you sit your accreditation exam. You can complete the exam at any time of the day from any computer with internet access.
The Online Exam is 2 hours in duration and consists of 120 multiple choice questions. No written answers are required. Access to the exam is via your unique electronic log-in and password.
In order to prepare for the Online Exam you will be given the following:
- SPAA Online Exam Centre Tutorial; and
- SMSF Specialist AuditorTM Practise Exam.
You are permitted a maximum of two (2) attempts to pass the Online Exam.
2. Professional History & Experience
Assessment of your Professional History & Experience requires you to submit the completed PH&E Form with supporting documentation e.g. two written character references to SPAA for assessment. The time it takes to complete this part of the assessment depends on how easily you can finalise the required information.
The assessment of PH&E requires the applicant to complete the Professional History and Experience Form and provide information under the following major headings:
- Professional Qualifications
- Membership Profile
- Professional Audit Work History
- Structured Training (Continuing Professional Development)
- Other Personal & Professional Information
- Compliance
- Other Relevant Information
- References - SSAudTM applicants are required to submit two written character references otherwise the assessment can not be completed.
Program Timeframes
You are required to successfully complete both components of the Program (Online Exam and PH&E) 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).
Do the Standards of Professional Conduct for SMSF Specialist Auditors apply to all SSAuds?
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.
Click here for a copy of the Standards of Professional Conduct for SMSF Specialist Auditors™
DOWNLOAD SPECIALIST AUDITOR BROCHURE 2010
|
