iscoverNexia Perth Audit Services has paid a penalty to comply with an infringement notice issued by ASIC.
Perth auditing firm coughs up $78k ASIC penalty
02 October 2025
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7 minute read
ASIC has revealed Nexia Perth Audit Services has paid $78,250 in compliance with an infringement notice it was issued by the regulator for allegedly failing to conduct an audit of a listed company.
ASIC said it issued the infringement notice to Nexia Perth Audit as it allegedly had “reasonable grounds” to believe that it had failed to conduct the audit of a listed company in accordance with APES 110 Code of Ethics for Professional Accountants (APES 110).
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The alleged failure in compliance with the Code was attributed to the fact that auditing standards stated that auditors must follow the applicable requirements of APES 110.
The regulator said: “ASIC alleges that a network firm of Nexia Perth Audit provided tax calculation services involving the preparation of current and deferred tax liabilities and assets for the listed company, an audit client of Nexia Perth Audit.
“The relevant non-assurance fees were estimated to be $4,500. The tax calculation services provided are prohibited under APES 110, because they can create a self-review threat to auditor independence.”
It was revealed that these issues were identified by ASIC via a “proactive surveillance” on auditors’ compliance with independence and conflict of interest requirements.
The corporate regulator also noted that it was looking to publish its findings from this review and proactive surveillance and expected to announce further action as a result of issues identified through the surveillance.
Kate O’Rourke, ASIC commissioner, said it was important to note that despite the $78,250 payment made by Nexia Perth Audit, payment of an infringement notice was not an admission of guilt or liability.
“Auditor independence is fundamental to maintaining trust in and integrity of audits. The potential threats to auditor independence where an audit firm also provides non-audit services to an audit client have been the subject of much public debate in recent years,” she said.
“Some non-audit services are prohibited because of the inherent threat they pose. Where ASIC identifies such conduct, we will take action.”
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