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ASIC has suspended the registration of a Sydney auditor following a successful application to the disciplinary body, the Companies Auditors and Liquidators Disciplinary Board (CALDB).
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ASIC suspends Sydney auditor
03 August 2015
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8 minute read
Richard Langley Stewart Hill, a director of Sydney-based DFK-Richard Hill Pty Limited, has been suspended for 12 months effective 24 July 2015.
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The CALDB made the order following the application by ASIC, which alleged three matters:
• that, within the meaning of Section 1292(1)(a)(ia)[second] of the Corporations Act 2001 Mr Hill failed to comply with a condition of his registration as an auditor;
• that Mr Hill failed to carry out or perform adequately and properly the duties of an auditor under Section 1292(1)(d)(i) of the Corporations Act by failing to disclose in each of his 2011, 2012 and 2013 Form 912A annual statements to ASIC that his registration was subject to conditions. Section 1287A of the act requires a registered company auditor to lodge a Form 912A statement annually.
• that Mr Hill was not fit and proper to remain registered as an auditor under Section 1292(d) of the Corporations Act because each of his Form 912A annual statements for 2011, 2012 and 2013 contained a false and misleading statement in that they did not disclose that Mr Hill's registration as an auditor was subject to conditions.
The CALDB found Mr Hill, a director of Sydney-based DFK-Richard Hill Pty Limited, was not a fit and proper person to remain registered as an auditor, failed to comply with conditions attached to his registration and failed to correctly fill out his annual statement on three occasions.
ASIC’s application followed an investigation which found Mr Hill failed to complete professional development courses, a condition attached to his registration. The CALDB found that compliance with the conditions was still outstanding.
The CALDB also found that Mr Hill failed to exercise proper care in completing his annual statements for three consecutive years. In each statement, Mr Hill falsely and misleadingly stated that his registration was not subject to conditions.
In addition to his suspension, Mr Hill has undertaken to:
• complete professional development training in independence and ethics;
• submit for ASIC approval a detailed compliance plan to fulfil the educational requirements to continue as a member of Chartered Accountants Australia and New Zealand, complete and lodge his auditor’s annual statements, and fulfil his auditor rotation requirements; and
• engage an ASIC-approved consultant to provide training to staff of DFK-Richard Hill’s staff and conduct reviews of Mr Hill’s observance of the compliance plan.
Mr Hill applied to the Administrative Appeals Tribunal for review of the CALDB decision; however, the AAT affirmed the board’s decision in full.
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