KPMG's Westpoint auditors banned from practice
Three KPMG auditors have agreed to periods of non-practice following their involvement in assessing the Westpoint Group prior to its collapse in 2006.
The Australian Securities and Investments Commission (ASIC) has accepted enforceable undertakings from Perth-based KPMG partners Brett Fullarton, Robert Kelly and Jonathan Robinson. The three have undertaken not to practice as registered auditors for 24, 18 and nine months respectively.
As part of the enforceable undertaking the three must now pay ASIC’s investigation and legal costs into the matter. Additionally, during their period of non-practice the three must undertake audit-related professional education, and on return to practice must have their next three audits reviewed by an elected person within KPMG.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
