ASIC accepts EU from Brisbane auditor
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from a Brisbane auditor, John Ashton, and suspended him from the roles of lead and review auditor for 18 months.
This EU follows the regulator's investigation into Ashton's conduct in relation to audits of public companies including Now Finance, Paladin Property Fund, Investin Secure Developments and others.
ASIC formed a view that Ashton acted in breach of various auditing standards.
The EU provides that the Brisbane auditor must appoint a reviewing auditor to review and report to ASIC about each of the first four audits he is engaged to conduct after the period of suspension.
Ashton will also undertake an additional 20 hours of technical external audit training during the period of suspension and pay $16,000 towards ASIC's legal and investigative costs.
While he does not agree with the regulator's contentions, Ashton has offered the EU as an alternative to ASIC making an application to the Companies Auditors and Liquidators Disciplinary Board.
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