ASIC SMSF Auditor Competency Exam study guide
ASIC SMSF Auditor Competency Exam · Work through your exam, one topic at a time.
This page is an independent study resource for candidates preparing for the ASIC SMSF auditor competency exam. It is not affiliated with, endorsed by, or operated by the Australian Securities and Investments Commission. On 2 November 2026 the ASIC page that normally hosts the SMSF auditor competency exam returned a "404 Not Found" response, so no official exam parameters could be confirmed from that source. In particular, the number of questions, the exam duration, the pass mark, the fee, the delivery format, retake rules, the period for which a result remains valid, and the weighting of content domains are all unverified and should be treated as unknown until ASIC republishes the page. Topics on this exam: SMSF audit registration and regulation (unverified - source page unavailable) and SMSF audit technical competency (unverified - source page unavailable). The ASIC SMSF Auditor Competency Exam study guide has 2 sections and about 754 words.
01SMSF Auditor Registration and the Regulatory Framework
An SMSF must be audited annually by an approved SMSF auditor. Registration is administered by ASIC, and a person cannot act as an SMSF auditor unless registered. Candidates should understand the pathway: holding relevant qualifications, meeting practical experience requirements, satisfying a competency examination, and maintaining continuing professional education. Registration carries conditions, and ASIC can suspend or cancel it for breaches, including failing to lodge annual statements or failing independence requirements.
363 words, about 2 min02SMSF Audit Technical Competency
An SMSF audit has two interlocking components: the financial statement audit, testing whether accounts give a true and fair view, and the compliance audit, testing whether the fund complied with the superannuation laws. Candidates must know that both must be completed before an audit report is issued, and that a qualified or adverse opinion is available where problems are material. The technical syllabus centres on the fund's compliance with the in-house asset rules, the sole purpose test, borrowing prohibitions (including limited recourse borrowing arrangements), acquisition and disposal rules between related parties, contribution acceptance standards, and the payment standards for benefits. Each area has a distinctive trap.
391 words, about 2 min