Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:26:p7
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 26 (pt 7/7)
Character Range: 632299–633799

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 at least $500,000; and
 (b) is adequate because other terms of the policy will indemnify the auditor against civil liability that may arise from an act, error or omission in connection with audits of self managed superannuation funds.
Note: The applicant need only have the level of professional indemnity insurance mentioned in subregulation 9A.05(2) or (3).

9A.06  Auditor independence requirements
  For paragraph 128F(d) of the Act, the auditor independence requirements produced by the Accounting Professional and Ethical Standards Board Limited and set out in the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) are prescribed for all approved SMSF auditors.
Note: At the commencement of this regulation, a copy of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) was available at www.apesb.org.au.

9A.07  When fees must be paid
  For subsection 128L(3) of the Act, the table sets out when fees imposed under the Superannuation Auditor Registration Imposition Act 2012 are due and payable.

Item  A fee payable for ...                                                                                                                                     is due and payable ...