ASIC SMSF Auditor Competency Exam study plan

Map the SMSF auditor registration pathway end to end: eligibility prerequisites, competency requirements, application evidence, and ongoing conditions, into a single annotated flow diagram

Define each regulator and body named in the registration framework and state its role in registering, monitoring, or disciplining SMSF auditors

List the statutory and professional standards that bind registered SMSF auditors and note which obligation sits with the auditor versus the trustee

Build a personal glossary of 25 registration and regulation terms with a one-line plain-English definition for each

Explain the independence requirements applicable to an SMSF auditor and identify five situations that would breach them

Describe the ethical obligations owed by the auditor to the fund, the trustees, and the regulator, and where conflicts arise

Outline the continuing professional education and quality review expectations that apply after registration

Summarise the disciplinary and enforcement consequences of failing to meet auditor obligations

Trace the steps of an SMSF audit engagement from acceptance and independence confirmation through planning, evidence gathering, and sign-off

Identify the documentation standards that apply to each stage of the engagement and what must be retained

Distinguish the auditor's reporting obligations to trustees from any obligation to report to the regulator

Draft the structure of an audit engagement letter and an independence confirmation checklist

Apply the core trustee and fund compliance rules to fact patterns: trustee structure, fund purpose, and the sole purpose test

Analyse contribution acceptance rules and identify when a contribution is invalid or must be returned

Evaluate benefit payment and preservation scenarios against the applicable conditions of release

Complete 30 practice questions on trustee and fund compliance and log the reasoning behind each error

Explain the investment rules that constrain SMSF trustees and identify the audit evidence that demonstrates compliance

Analyse related-party acquisition and disposal restrictions and test them against worked scenarios

Apply the in-house asset rules, including the 5% threshold and the available exceptions, to numerical examples

Describe the borrowing and limited recourse borrowing arrangement requirements and the documentation an auditor would expect

Apply the record-keeping, valuation, and financial reporting obligations that the audit tests, including market value requirements for assets

Identify the audit procedures used to verify fund income, expenses, and member balances

Evaluate the adequacy of trustee representations and other evidence when a compliance breach is suspected

Draft the components of an audit report and a management letter for a fund with identified contraventions

Integrate regulation and technical knowledge by answering 60 mixed practice questions under timed conditions

Classify every error by root cause (knowledge gap, misread, or rule confusion) and rank the causes by frequency

Re-teach the three weakest topics from memory and check against source material

Refine the week 1 pathway diagram and glossary with corrections arising from practice

Complete two full-length timed mock exams and compare scores to the week 7 baseline

Review only the highest-frequency error categories from the remediation list and close each one

Rehearse the registration, independence, and reporting obligations until recall is immediate and accurate

Finalise a one-page summary sheet of the rules and thresholds most likely to be tested