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.
