In September 2012, Brian Patrick Kingston issued an unqualified audit opinion on the financial report of Wickham for the year ended 30 June 2012, ASIC stated. Wickham collapsed on 21 December 2012.
Under an enforceable undertaking (EU) with the regulator, Mr Kingston has agreed to never reapply for registration or perform any duties or functions of an auditor
“Mr Kingston clearly failed in his job,” ASIC commissioner John Price said. “ASIC will not tolerate inferior work and is determined to lift standards within the auditing profession.”
ASIC was concerned the audit was not conducted in accordance with the Australian Auditing Standards for several reasons, including that “sufficient appropriate” audit evidence was not obtained to support material financial balances listed in the 2012 financial report.
In addition, ASIC stated that key audit planning, execution and completion procedures were not carried out or documented by Mr Kingston.
“Auditors are important gatekeepers – investors rely on what auditors do and naturally expect their work to be top quality,” Mr Price said.
The regulator’s investigation into the collapse of Wickham continues.
