A MORWELL financial consultant has been stripped of accreditation over her role in auditing the collapsed lender Gippsland Secured Investments.
The Australian Securities and Investments Commission has cancelled the registration of Joanne Keng Yee Loh for a “deficient audit” of the embattled mortgage fund prior to its receivership in September 2013.
According to ASIC, Ms Loh failed to properly carry out her work as lead auditor for GSI in the 2011 and 2012 financial years.
An ASIC investigation found Ms Loh did not conduct the audits in accordance with the Australian Auditing Standards, failed to obtain sufficient audit evidence, and failed to display an “appropriate level of professional scepticism”.
“Auditors need to be at the top of their game and apply the appropriate standards to ensure the investing public can have confidence in the financial reports of public companies and debenture issuers,” ASIC Commissioner John Price said.
Ms Loh has agreed never to reapply for registration or perform any duties or functions of an auditor under an enforceable undertaking made by ASIC.
The GSI collapse saw about $143 million in deposits from more than 3000 Gippsland-based investors tied up in a lengthy, ongoing receivership process.