The Companies Auditors and Liquidators Disciplinary Board has issued a formal reprimand to Perth auditor, Maurice Lee Anghie, following an application by the Australian Securities and Investments Commission.
According to a statement released by ASIC, the CALDB issued the reprimand after finding that Mr Anghie had failed to carry out or perform adequately and properly his duties as an auditor in relation to an audit of the consolidated accounts of China West Holdings Limited (CWH) for the year ended 30 June 2003.
In particular, the accounts of CWH were prepared on a consolidated basis in circumstances where the criteria relevant to control within the meaning of AASB 1024 had not been satisfied.
Mr Anghie failed to qualify his audit report, and failed to include in the audit working papers, evidence of his consideration and conclusions in respect of the consolidation issue.
The CALDB also ordered Mr Anghie to pay ASIC's costs of $4,000.
At the relevant time, Mr Anghie was a partner in the firm, Hall Chadwick, in Perth. However, he has since left that firm.
The Companies Auditors and Liquidators Disciplinary Board is responsible for determining whether a person should continue to be registered as an auditor or a liquidator.
ASIC refers major cases involving alleged financial improprieties and auditing issues to CALDB.
