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Screenshot of a breaking news alert e-mail from Q2 2017
The Australian Securities and Investments Commission (ASIC) has just announced that it has cancelled the registration of Victorian auditor, Philip James Dowsley, as a registered company auditor.
Mr Dowsley requested the cancellation during the course of proceedings brought by ASIC before the Companies Auditors Disciplinary Board (CADB). The cancellation took effect on 31 March 2018.
ASIC took the CADB action because Mr Dowsley had failed to comply with undertakings he gave to the former Companies Auditors and Liquidators Disciplinary Board (CALDB) in October 2015, and due to the adverse outcomes of an independent peer review of Mr Dowsley’s first four audits following his completion of a suspension ordered by the CALDB.
In October 2015, ASIC suspended Mr Dowsley’s registration as a registered company auditor for six months following a successful application made by ASIC to the CALDB. On that occasion, the CALDB found that Mr Dowsley:
- failed to comply with a condition attached to his registration;failed to correctly complete five separate forms lodged with ASIC; and,was not a fit and proper person to remain registered as an auditor.
As part of the suspension, the CALDB ordered, among other things, that Mr Dowsley provide undertakings to:
- comply with the conditions on his registration;
- complete additional professional development activity; and
- following the period of suspension, subject his company audits to peer review.