The Australian Securities and Investments Commission (ASIC) reported that the Full Court of the Federal Court dismissed former registered company auditor Reginald Lance Williams’ appeal, leaving in place the cancellation of his registration by the Companies Auditors Disciplinary Board (CADB). The court also ordered Williams to pay the appeal costs. The Full Court found that Williams was responsible for the audit of the LM Managed Performance Fund for the year ended June 30, 2012, and that the deficiencies identified by the CADB justified disciplinary action. It upheld the earlier finding that Williams had established no legal or jurisdictional error in the CADB’s decision-making. The ruling confirms that registered company auditors remain responsible for audits conducted under their supervision and supports the role of specialist disciplinary bodies in enforcing auditing standards. The CADB canceled Williams’ registration in December 2018 following an ASIC application and ordered him to pay ASIC’s costs of AUD 200,000. The Federal Court dismissed his judicial review application in June 2025.
Australian Securities and Investments Commission reports court ruling upholding former auditor’s registration cancellation
The Full Court of the Federal Court dismissed former auditor Reginald Lance Williams’ appeal, upholding the cancellation of his registration and ordering him to pay appeal costs. The ruling confirmed his responsibility for deficiencies in the 2012 audit of the LM Managed Performance Fund and affirmed the disciplinary role of the Companies Auditors Disciplinary Board.