The Australian Securities & Investments Commission reported that the Federal Court has dismissed Reginald Lance Williams’ application to overturn the Companies Auditors Disciplinary Board (CADB) decision cancelling his registration as a company auditor and requiring him to pay ASIC’s costs of the CADB proceedings. The Court also ordered Mr Williams to pay ASIC’s costs of the Federal Court proceeding. The CADB cancelled Mr Williams’ registration in December 2018 following an ASIC application, citing failures to adequately and properly perform an auditor’s duties in relation to his audit of the LM Managed Performance Fund financial report for the year ended 30 June 2012. In its 18 June 2025 judgment, the Federal Court (Justice Perry) found Mr Williams had not established any error of law or jurisdictional error by the CADB, and held the CADB is “properly regarded as an expert or specialist board” entitled to rely on its expertise subject to procedural fairness.
Australian Securities & Investments Commission 2025-06-23
Australian Securities & Investments Commission secures Federal Court dismissal of former LM Managed Performance Fund auditor’s challenge to registration cancellation
The Federal Court dismissed Reginald Lance Williams' appeal against the Companies Auditors Disciplinary Board's decision to cancel his auditor registration and ordered him to pay ASIC's costs. The CADB's 2018 decision followed Williams' inadequate performance in auditing the LM Managed Performance Fund's 2012 financial report. The Court upheld the CADB's expertise and procedural fairness in its June 2025 judgment.