ASIC SMSF Auditor Competency Exam exam-day guide
ASIC SMSF Auditor Competency Exam · Prepare for the day ahead.
Your checklist
Photo identification
Bring the exact ID type and name-matching the provider requires (typically a current passport or driver licence). If your registration name differs from your ID, confirm the accepted bridging documentation with the provider well before test day.
Admission or booking confirmation
Have your booking reference, candidate number, and test centre or remote-proctoring details accessible. Confirm with the provider whether a printed or digital copy is accepted.
Approved calculator
Check the provider's list of permitted calculator models and whether a memory-reset or clearance step is required. Practise the same model you will use so key sequences for present-value and amortisation work are automatic.
Permitted reference material
Most closed-book exams allow no notes; some permit a supplied formula sheet or legislation extracts. Confirm exactly what is allowed and whether clean, unannotated copies are required.
Superannuation legislation and standards familiarity
You cannot usually bring the SIS Act or Regulations into the room, so revise the provisions you rely on most: trustee covenants, in-house asset limits, borrowing conditions, and the auditor's reporting duties.
Auditing standards and independence rules
Revisit ASQM 1 quality management, ASAE 3100 compliance engagements, and the APES 110 independence requirements, especially self-review and fee-dependency threats in small funds.
Formula and threshold sheet (memory refresh)
Before the exam, re-memorise concessional and non-concessional caps, the general transfer balance cap, in-house asset thresholds, and the audit contravention reporting timeframes. Do not rely on bringing a written sheet unless permitted.
Time and logistics plan
Know the arrival time, parking or transport, and the check-in process. For remote proctoring, test your camera, microphone, and internet connection the day before and clear your desk of prohibited items.
Rest and hydration plan
Plan a normal night's sleep and a light meal. Confirm the provider's rules on water bottles, snacks, and leaving the room during the test before you rely on them.
Question strategy notes
Decide in advance how you will handle long scenario questions: read the required outcome first, identify the fund type and year, then check the specific provision. Flag and return to uncertain items rather than stalling.
Plan the day
Stop learning new material. Work through practice scenarios under timed conditions, focusing on multi-step calculations (excess contributions, in-house asset ratios, ECPI, and minimum pension drawdowns) and on audit report wording. Review your error log and re-read the standards you keep misapplying.
Confirm logistics: booking details, ID validity, calculator approval, remote-proctoring system checks, and travel time. Re-read the provider's candidate handbook for rules on breaks, permitted items, and scoring.
Do a light revision of key thresholds, independence threats, and the auditor's contravention reporting obligations. Pack your ID, confirmation, and approved calculator. Avoid cramming new topics; prioritise sleep and a normal routine.
Eat a proper meal, arrive or log in early, and re-read only your one-page summary of thresholds and formulas. Do not attempt full practice questions that could unsettle you. Keep your desk clear and your ID ready for inspection.
Read each question's required outcome before the scenario detail. Budget time per question and leave a buffer for flagged items. For calculations, write intermediate figures and sanity-check the result against the fund's size and the relevant cap. Answer every question; if unsure, eliminate options and move on, returning to flagged items at the end.
Rules to check
Bring only the identification and permitted items the provider specifies. Confirm with the provider in advance whether calculators, formula sheets, water, or tissues are allowed, and leave everything else outside the test area.
Your name on the booking must match your photo ID. If it does not, contact the provider before test day to arrange accepted documentation rather than risking refusal of admission.
Breaks are usually restricted and may not stop the clock. Confirm with the provider whether scheduled or unscheduled breaks are available and what happens to your time if you take one.
Do not communicate with anyone other than the invigilator or proctor during the test. For remote sittings, keep your face and workspace visible and avoid reading aloud if the provider prohibits it.
Attempt every question unless the provider applies negative marking. Confirm the scoring method with the provider, as unanswered items generally earn no marks.
If a technical failure occurs, stop and notify the invigilator or proctor immediately and follow their instructions; do not attempt to fix equipment yourself or continue unsupervised.
Report any suspected error in a question to the invigilator or via the provider's stated process after the test. Do not seek clarification from other candidates during the sitting.
Familiarise yourself with the provider's academic integrity and misconduct policy, including rules on unauthorised materials and post-test discussion of live questions, and comply with it fully.