Registration as an approved SMSF auditor
128B Registration as an approved SMSF auditor
Obligation to register
The Regulator must grant an application under section 128A and register the applicant as an approved SMSF auditor if:
the applicant:
has the qualifications prescribed by the regulations; and
has the practical experience prescribed by the regulations; and
has passed a competency examination in accordance with section 128C; and
the Regulator is satisfied that the applicant:
is capable of performing the duties of an approved SMSF auditor; and
is unlikely to contravene the obligations of an approved SMSF auditor under Subdivision B; and
is otherwise a fit and proper person to be an approved SMSF auditor.
Discretion to register
If the applicant does not meet one or more of the requirements of paragraph (1)(a), the Regulator may grant the application if the applicant meets the requirements of paragraph (1)(b).
Refusal of applications
If the applicant does not meet the requirements of paragraph (1)(b), the Regulator must refuse the application.
Despite subsections (1) and (2), the Regulator must refuse the application if the applicant is:
a person for whom a disqualification order or a suspension order is in force under section 130F; or
a person who is disqualified from being or acting as an auditor of all superannuation entities under section 130D.
If the Regulator refuses the application, the Regulator must, not later than 14 days after the decision, give to the applicant a notice in writing setting out the decision and the reasons for it.
Certificate of registration
If the Regulator grants the application, the Regulator must, not later than 14 days after granting the application, issue to the applicant a certificate:
stating that the applicant has been registered as an approved SMSF auditor; and
stating the applicant’s SMSF auditor number; and
specifying the day the application was granted.
A failure to comply with subsection (6) does not affect the validity of the decision.
Duration of registration
A registration under this section takes effect at the beginning of the day specified in the certificate as the day the application is granted and remains in force (except while the registration is suspended) until:
the Regulator cancels the registration under section 128E; or
an order disqualifying the person who is registered from being an approved SMSF auditor comes into force under section 130F; or
an order disqualifying the person who is registered from being or acting as an auditor of all superannuation entities comes into force under section 130D; or
the person who is registered dies.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
- Superannuation Industry (Supervision) Regulations 1994 · under s 353
15 more instruments made under this Act are listed on the Act’s overview.
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