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What counts as CPD for an SMSF auditor?

Development counts if it could reasonably be expected to enhance your technical skills or professional service delivery. The regulation sets that test rather than listing courses. So you decide, and you must be able to show your reasons in a written record kept for at least 3 years after the financial year ends.

Sources for this answer
  • The development must be something that could reasonably be expected to enhance the auditor’s technical skills or professional service delivery. [S4]
  • The auditor must keep a written record of the development for at least 3 years after the end of the financial year in which it occurred. [S4]

The test

Regulation 9A.04 asks for development that could reasonably be expected to enhance an approved SMSF auditor’s technical skills or professional service delivery.

The ATO and ASIC both describe the duty in a line: complete the CPD requirements prescribed in regulation 9A.04, and complete the prescribed ongoing professional development.

Facts and sources for this part
  • The development must be something that could reasonably be expected to enhance the auditor’s technical skills or professional service delivery. [S4]
  • The ATO says that under section 128F of the SIS Act, auditors must complete the CPD requirements prescribed in regulation 9A.04 of the SIS Regulations. [S3]
  • ASIC lists completing the prescribed ongoing professional development among an SMSF auditor’s statutory obligations, and says the ATO monitors SMSF auditor compliance. [S2]

Questions to ask of any activity

The first two matter because the total must include 30 hours about superannuation, at least 8 of them about auditing SMSFs.

  • What did I learn that changes how I audit or advise?
  • Is it about superannuation, and is it about auditing SMSFs?
  • Could I explain this to ASIC from my record alone?
Facts and sources for this part
  • The development must include 30 hours about superannuation, at least 8 hours of which is about auditing self managed superannuation funds. [S4]

A worked way to decide

Take a one-hour webinar on a change to an auditing standard. It plainly improves technical skills, so it can count, and it is also about auditing, so it may fall within the SMSF auditing hours. Take a general talk on office software. It may improve service delivery, but the link is weaker, so write the reason down or leave it out.

Facts and sources for this part
  • The development must be something that could reasonably be expected to enhance the auditor’s technical skills or professional service delivery. [S4]

What the record needs

Write the date, the provider, the subject, the hours counted and why it improves your work. Keep the certificate or receipt with it. This course includes a ready entry for the record, but whether it counts, and in which category, is your judgement.

  1. Lesson 1What the SMSF auditor CPD rules ask, and where this course fits3 min
Facts and sources for this part
  • The auditor must keep a written record of the development for at least 3 years after the end of the financial year in which it occurred. [S4]