Business News

Auditor cops six-month suspension

ASIC has suspended the registration of auditor Philip Dowsley for six months after an investigation found he had failed to comply with required professional standards.

Following a previous investigation into Dowsley’s conduct in 2012, the corporate regulator applied to the Companies Auditor and Liquidators Disciplinary Board (CALDB) for further assessment of the individual.

The CALDB found Dowsley had incorrectly completed five separate forms lodged with ASIC, consisting of three annual auditor statements, his application for registration as an SMSF auditor and his SMSF auditor annual statement.

Dowlsey was also found to be grossly careless by the board as he was prepared to attest to the accuracy and completeness of compliance forms without properly checking them and misleadingly and falsely stated his registration was not subject to any conditions.

As a result, the CALDB determined Dowlsey was not a fit and proper person to remain as a registered auditor.

It was acknowledged Dowsley was suffering from medical problems during the time his non-complying behaviour took place.

In addition to the ban, the CALDB ordered Dowsley to make a number of undertakings, including having to comply with the current condition of his registration, continue with his current medical treatment and have his medical fitness independently verified at the conclusion of the treatment, complete additional professional development, and have his audits reviewed by his peers once his suspension ended.

“ASIC will continue to take action against auditors who fail to comply with conditions attached to their registration and whose conduct falls short of required professional standards,” ASIC commissioner John Price said.

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