The Australian Securities & Investments Commission has accepted John Gordon Owenell’s application to cancel his registration as a company auditor after raising concerns about his alleged failure to comply with auditor independence and conflicts of interest requirements under the Corporations Act 2001 and the APES 110 Code of Ethics for Professional Accountants including Independence Standards. The concerns related to his work on the audit of a large proprietary company and centered on whether his objectivity had been compromised, or could reasonably be seen to be compromised. ASIC’s concerns arose because Mr Owenell had previously been the client’s company secretary from 1988 to 2003, conducted internal audits for the company from 2005 to 2007, and then audited it for 19 consecutive years from 2007 to 2025, including as lead auditor and engagement partner. ASIC considered that this long association, together with his earlier roles, created significant self-interest and familiarity threats that were not appropriately addressed. The issues were identified through ASIC’s proactive surveillance of auditor independence and conflicts of interest using data-driven analysis, as described in Report 817. No admissions were made by Mr Owenell in relation to ASIC’s concerns, and ASIC noted that he is experiencing significant health issues and had intended to retire in 2026.
Australian Securities & Investments Commission2026-06-26
Australian Securities & Investments Commission accepts auditor registration cancellation after independence concerns over 19 year client audit
The Australian Securities & Investments Commission accepted John Gordon Owenell’s application to cancel his registration as a company auditor after raising concerns about alleged independence and conflicts of interest failures. ASIC’s concerns stemmed from his prior roles with the client and his 19 consecutive years auditing the same large proprietary company. No admissions were made by Mr Owenell.