ASIC accepts EU from Sydney auditor
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from Trood Pratt & Co auditor Peter Lockyer.
The EU follows an investigation by the regulatory body concerning Lockyer's audit of the financial reports of Elderslie Finance Corporation Limited for the financial years ended 30 June 2006 and 2007 and that of Grenfell Securities Limited for the financial year ended 30 June 2008, ASIC stated.
The regulatory body stated that it was particularly concerned with Lockyer's failure to ensure that a qualified audit report was issued, after the respective financial reports for both companies failed to comply with various accounting standards. ASIC was also concerned that the audit report itself may not have been conducted in accordance with various auditing standards.
Under the EU, Lockyer has undertaken to request that the regulator cancel his registration as an auditor within seven days of ASIC's acceptance of the EU and to never re-apply as an auditor. He must also provide a copy of the EU to anyone who engages him to perform any audit work outside of what only a registered company auditor can perform.
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
