ASIC suspends auditor
The Australian Securities and Investments Commission (ASIC), has announced the suspension of the registration of Wayne John Wessels, the former auditor of whitegoods distributor Kleenmaid, following a successful application to the disciplinary body, the Companies Auditors and Liquidators Disciplinary Board (CALDB).
The suspension started on 29 November 2013 and is for three years.
ASIC alleged, and the CALDB found, Mr Wessels failed to carry out and perform adequately and properly his duties as lead auditor of Kleenmaid’s financial report for the year ended 30 June 2008.
Specifically, the CALDB found, among other things, Mr Wessels should have brought a higher degree of professional scepticism to his consideration of Kleenmaid management’s assumption of the company’s going concern and that there were deficiencies in the standard of his evidence and documentation of audit work done.
Source: ASIC
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