EU for Allco auditor
The auditor of the failed Allco Financial Group, Christopher Neville Whittingham, has entered into an enforceable undertaking with the Australian Securities and Investments Commission (ASIC) that includes paying $10,000 in costs, not practicing for nine months and undertaking further professional education.
The regulator announced it had required Whittingham enter into the enforceable undertaking following an investigation into his conduct relating to his audit of the Allco Financial Group financial report for the 2006-07 financial year.
ASIC said it was concerned that Whittingham had failed to carry out or adequately and properly perform his duties as an auditor.
It said its investigations had found that Allco’s financial report for the relevant year had contained a misclassification of interest bearing loans as a non-current liability rather than a current liability in the amount of more than $1.8 billion.
The regulator acknowledged that Whittingham had acted swiftly once the error came to his attention, including engaging in discussions with ASIC.
AUTHOR
Mike Taylor
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