The Australian Securities & Investments Commission (ASIC) has accepted Mr Allan William Donald’s application to cancel his registration as a company auditor after raising concerns that he failed to meet auditor independence requirements under the Corporations Act 2001 and the APES 110 Code of Ethics for Professional Accountants (including Independence Standards). The concerns stemmed from Mr Donald’s appointment as auditor for two related large proprietary companies between 1992 and 2022, including conducting audit activities while also serving as company secretary of the audited entities, providing prohibited non-assurance services, and maintaining a long association with the clients without adequate independence threat assessments and safeguards. ASIC identified the issues through a proactive surveillance focused on auditors’ compliance with independence and conflict of interest requirements, and stated it will soon publish findings from this review and expects to announce further action arising from issues detected through the surveillance.
Australian Securities & Investments Commission 2025-09-05
Australian Securities & Investments Commission accepts cancellation of Allan William Donald’s auditor registration over independence failures
ASIC accepted Mr. Allan William Donald's application to cancel his company auditor registration due to non-compliance with auditor independence requirements under the Corporations Act 2001 and the APES 110 Code of Ethics. Concerns included his dual role as auditor and company secretary, provision of prohibited non-assurance services, and inadequate independence threat assessments. ASIC's proactive surveillance identified these issues, with further findings and actions anticipated.