ASIC Class Order [CO 12/1687]
Task specific knowledge requirementsTask specific knowledge requirements
Start here
Get a plain-English read of Task specific knowledge requirements
Turn the raw legal text into a practical explanation grounded in ASIC Class Order [CO 12/1687].
Task specific knowledge requirements
- An approved SMSF auditor must understand the matters referred to in paragraphs 17, 28, 29, 36, 45 and 52 in relation to each task in respect of which they are specified.
Note 1: An auditor will generally need to perform the tasks when deciding to undertake or undertaking an audit and assurance engagement in relation to a SMSF. Whether an auditor needs to perform any particular task in connection with an engagement or proposed engagement is a matter that the auditor will need to determine having regard to the circumstances.
Note 2: The tasks are not intended to be a substitute for an audit or assurance program required by the relevant the auditing and assurance standards, nor for the need to understand and apply the relevant requirements of the ASAs, ASAEs, APES 110 and the SIS Act and SIS Regulations.