Victorian auditor’s registration cancelled

A Victorian auditor's registration has been cancelled by the Australian Securities and Investments Commission (ASIC) after a number of deficiencies were found in work he performed in 2011 and 2012.

ASIC accepted an enforceable undertaking from Neil Raymond Turner, under which, he agreed never to apply for registration or perform any function as an auditor.

In a statement the regulator reported that in auditing two companies, Turner had been "significantly deficient in at least 15 areas".

An ASIC investigation revealed that Turner did not conduct the audits of Education Access (Australia) — for the 2011 financial year — and Lotus Securities and Sovereign MF — for the 2012 financial year — in accordance with the Australia Auditing Standards.

The investigation found Turn had failed, among other things to:

Design and perform audit procedures for the purposes of obtaining sufficient appropriate audit evidence;

Display an appropriate level of professional scepticism, especially when assessing the risk of fraud; and

Adequately document the result of audit procedures for several areas, including around revenue and the provision of employee entitlements.

ASIC commissioner, John Price, said, "Auditors are important gatekeepers who play a crucial role in maintaining and promoting confidence and integrity in Australia's financial system. They must maintain high standards or they well be held to account".