ASIC accepts EU from former Astarra Strategic Fund auditor
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from the auditor of the failed Astarra Strategic Fund (ASF) not to act as a registered company auditor.
Timothy Frazer of WHK Audit and Risk Assessment audited the 2008 financial report of Alpha Strategic Fund and the 2009 financial report of Astarra Strategic Fund.
The regulatory body stated that it had become concerned that during these audits Frazer failed to adequately and professionally perform the duties of an auditor.
Specifically, the commission was concerned that during the audit of the Alpha Strategic Fund, Frazer failed to ensure sufficient audit evidence was obtained in relation to the existence and valuation of investments, and that there was an appropriate understanding of the fund, including the operations of EMA International Limited and Global Consultants and Services and the investments they made.
In relation to the ASF audit, Frazer failed to ensure that the auditors he relied on were competent and "adequate for his purposes", the regulatory body stated.
"ASIC will not hesitate to ensure auditors who fail to discharge their responsibilities appropriately are restricted from participation in the industry," ASIC chairman Greg Medcraft said.
Under the EU, Frazer will also participate in 15 hours of continuing professional education on audit related matters during the three-year period.
To date, ASIC's investigation into the collapse of Trio Capital and its related entities has seen 10 individuals either gaoled, banned by ASIC from providing financial services, disqualified from managing corporations, or removed completely from the financial services industry.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
