Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:26:p6
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 26 (pt 6/7)
Character Range: 629565–632534

courses are:
 (a) the following courses conducted by the Institute of Chartered Accountants in Australia:
 (i) Audit and Assurance in the CA Program;
 (ii) Financial Reporting and Assurance in the CA Program;
 (iii) Accounting 2 in the Professional Year Program;
 (iv) Audit and EDP Module in the Professional Year Program;
 (v) an audit module in the Professional Year Program conducted before 1986 that is equivalent to a course mentioned in subparagraph (i), (ii), (iii) or (iv); and
 (b) the following courses in the CPA Program conducted by CPA Australia:
 (i) Assurance Services and Auditing;
 (ii) Advanced Audit and Assurance; and
 (c) the following courses conducted by, or on behalf of, the Institute of Public Accountants:
 (i) Issues in Auditing and Professional Practice in the Graduate Certificate in Professional Accounting, offered by the University of New England in conjunction with the Institute of Public Accountants;
 (ii) Issues in Auditing and Professional Practice in the Degree of Master of Commerce (Professional Accounting), offered by the University of New England in conjunction with the Institute of Public Accountants.

9A.03  Practical experience
  For subparagraph 128B(1)(a)(ii) of the Act, each of the following is practical experience:
 (a) at least 300 hours of work auditing self managed superannuation funds under the direction of an approved SMSF auditor in the 3 years immediately before applying to be an approved SMSF auditor;
 (b) practical experience that the Regulator regards as equivalent to the practical experience mentioned in paragraph (a).
Note: The applicant need only have the practical experience mentioned in paragraph 9A.03(a) or (b).

9A.04  Continuing professional development requirements
 (1) For paragraph 128F(a) of the Act, the requirements in this regulation form the continuing professional development requirement.
 (2) The approved SMSF auditor must undertake at least 120 hours of continuing professional development every 3 years.
 (3) The development must:
 (a) include 30 hours of development about superannuation at least 8 hours of which is development about auditing of self managed superannuation funds; and
 (b) be development that could reasonably be expected to enhance an approved SMSF auditor's technical skills or professional service delivery.
 (4) The approved SMSF auditor must keep a written record of the development undertaken by the approved SMSF auditor for at least 3 years after the end of the financial year in which the development occurred.

9A.05  Professional indemnity requirements
 (1) For paragraph 128F(b) of the Act, each of the following subregulations sets out a level of professional indemnity insurance.
 (2) The level that is set under a limitation of liability scheme provided by a professional organisation mentioned in Schedule 1AAA.
 (3) The level that:
 (a) is adequate to ensure that the amount of coverage in relation to a single claim or in aggregate is