Australian Securities & Investments Commission imposes registration conditions on auditor Allan Facey over audit evidence and documentation shortcomings

The Australian Securities & Investments Commission has imposed conditions on the company auditor registration of Allan Facey of MNSA Pty Ltd after reviewing his audit of an ASX-listed company’s financial report for the year ended 30 June 2023 and raising concerns about compliance with Australian Auditing Standards, particularly whether sufficient appropriate audit evidence was gathered and documented to support his audit opinion. Under conditions proposed by Facey and accepted by ASIC, he must at his own expense complete eight additional hours of continuing professional education by 31 July 2025 focused on obtaining sufficient appropriate audit evidence and on preparing and assembling audit documentation. He must also engage an independent registered company auditor to review and report to ASIC on a root cause analysis and remedial actions arising from ASIC’s audit file review, and on three financial report audits of public interest entities conducted by Facey for the year ended 30 June 2025. If Facey fails to comply, ASIC may apply to the Companies Auditors Disciplinary Board to cancel or suspend his registration. The matter arose following information received from New Zealand’s Financial Markets Authority, which issued a public warning about Facey’s conduct in New Zealand on 21 January 2025.