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ASIC has suspended the registration of Wayne John Wessels, the former auditor of whitegoods distributor Kleenmaid, following a successful application to the Companies Auditors and Liquidators Disciplinary Board (CALDB).
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Former Kleenmaid auditor suspended for 3 years
17 April 2014
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4 minute read
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.
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Specifically, the CALDB said Mr Wessels should have brought a higher degree of professional scepticism to his consideration of Kleenmaid management’s assumption of the company’s growing concern, and that there were deficiencies in the standard of his evidence and documentation of audit work done.
At the time of his conduct, Mr Wessels was a partner of PKF’s East Coast practice.
The suspension started on 29 November 2013 and is for three years.
The CALDB is an independent statutory body under the Corporations Act and has the power to cancel or suspend the registration of a liquidator or auditor.
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