Accounting auditors accept EU
Two Sydney-based accounting auditors have entered an enforceable undertaking (EU) with the Australian Securities and Investments Commission (ASIC) following a lengthy review of alleged ethical breaches.
It follows an ASIC review of an audit of a financial report prepared by Boulder Steel Limited for the financial year ending June 2012, which found Wong & Mayes Chartered Accountants’ Martin George Thompson had breached auditor independence and rotation requirements by offering non-audit services during a two-year prohibited period.
His colleague and successive lead auditor, Allan Ni Kwan Kwok, meanwhile failed to declare the transgression in June 2012 and December 2011 reviews, according to the regulator.
As a consequence, the pair must now work with an ASIC-approved auditor to review their systems and take on their recommendations.
Thompson will also be required to accrue an additional 20 hours of professional education and employ an independent auditor to oversee the audits of his top three fee-paying clients.
EDITOR'S NOTE: a previous version of this article stated that Thompson had been banned from certain accounting activities. This was not correct. Money Management apologies for any confusion caused.
AUTHOR
Kate Cowling
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