Mr Kell appeared along with a host of ASIC executives before the Oversight of the Australian Securities and Investments Commission and the Takeovers Panel Senate committee in Melbourne on Friday.
Macquarie Bank denied the existence of the so-called 'Penske' file (a reference to US sitcom Seinfeld) to Fairfax Media in early August.
Asked on Friday by Nationals senator John Williams whether the files actually existed, Mr Kell said ASIC has an "ongoing investigation into that area".
"We have a range of material relating to the allegation of cheating by Macquarie advisers on exams," Mr Kell said.
The issue of cheating in adviser exams was first identified in ASIC's original surveillance of Macquarie in 2011/2012, he said.
"The irregularities in the way that training was being conducted at Macquarie and the serious allegations of cheating was one of the issues that we had significant concerns about," Mr Kell said.
"It is reflected directly in the enforceable undertaking [ASIC has had in place with Macquarie since January 2014] and we have required Macquarie to institute a new training program with a lot of additional training for their advisers," he said.
Under the current enforceable undertaking, Macquarie will be required to put in place a training and examination system that cannot be "gamed or manipulated", said Mr Kell.
However, ASIC senior executive leader for financial advisers Louise Macaulay revealed that the external training organisation employed by Macquarie will also be examining advisers.
"My understanding is that that test was put together by the external training provider and it was put together in such a way that past issues with CPD couldn’t arise with respect to this examination," said Ms Macaulay.
