iscoverASIC has cancelled the registration of Victorian auditor Neil Raymond Turner following an investigation which found his work to be significantly deficient.
ASIC cancels auditor's registration
30 March 2015
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4 minute read
The regulator found the work performed by Mr Turner in auditing two companies to be significantly deficient in at least 15 audit areas. The deficiencies related to the 2011 financial year audit for Education Access (Australia) and the 2012 financial year audit for Lotus Securities and Sovereign MF.
As part of an enforceable undertaking (EU) accepted by ASIC, Mr Turner has undertaken to never reapply for registration or perform any function as an auditor.
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ASIC Commissioner John Price highlighted the crucial role auditors play in a robust financial system, declaring the regulator will do what it can to ensure high auditing standards are met.
"Auditors are important gatekeepers who play a crucial role in maintaining and promoting confidence and integrity in Australia’s financial system. They must maintain high standards or they will be held to account," he said.
ASIC's investigation found that Mr Turner did not conduct the audits in accordance with the Australian Auditing Standards since he failed, among other things, to:
• design and perform audit procedures for the purposes of obtaining sufficient appropriate audit evidence;
• display an appropriate level of professional scepticism, especially when assessing the risk of fraud; and
• adequately document the results of audit procedures for several areas, including around revenue and the provision of employee entitlements.
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