Education and training for auditors in the specialisation of self-managed superannuation funds (SMSF) would be a priority under the Federal Opposition.
Opposition superannuation spokesman Chris Pearce said the up-skilling of SMSF auditors could occur through education at a post-graduate level, or the completion of a certain number of hours in a professional work environment.
"The further skilling of our auditors can only result in better compliance outcomes," Pearce told an audience at a Kaplan seminar in Sydney yesterday.
He approved the Representatives of the Australian Accounting Profession initiative to issue competency standards for the profession.
"I applaud this initiative as a positive step towards the specialisation of auditors in the profession, which will lead to an improvement in audit quality," he said.
Enhancing the financial literacy of SMSF trustees was also needed, and a future Coalition Government would consider this to be a priority, according to Pearce.
The Financial Literacy Foundation would play a role in facilitating education across the SMSF industry, Pearce said.
He dismissed the Government's move to place the Financial Literacy Foundation under the jurisdiction of ASIC.
"I note with regret that the current Government has thrown it under ASIC's wing, thereby lessening its standing as a distinct body in its own right," he said.
