LAWFUEL – Law News Network – The Companies Auditors and Liquidators Disciplinary Board (CALDB) has cancelled the registration of Mr Yu Xiong Shang as an auditor, commencing 23 August 2006, following an application by the Australian Securities and Investments Commission (ASIC).
Mr Shang, formerly of Murrumbeena, Victoria, had his registration cancelled by the CALDB after it found he had failed to lodge a statutory triennial statement. These statements require an auditor to confirm or update practice information as well as information including whether:
• the auditor has been excluded from practice as an auditor or liquidator,
• the registration of the auditor has been suspended,
• the auditor has been subject to disciplinary action by certain bodies or there are legal or disciplinary proceedings pending,
• the auditor has been disqualified from managing corporations,
• the auditor is an insolvent under administration,
• the auditor has been convicted of an offence, other than a traffic offence
• the auditor has resigned or been removed from office as auditor or liquidator and details of audits conducted.
ASIC made the application to the CALDB as part of its surveillance program to ensure auditors comply with the Corporations Act and carry out their duties and obligations properly.
An auditor who has had their registration cancelled cannot legally practise as a registered auditor.
Auditors must be fully aware of their statutory obligations and meet the reporting and other requirements under the Act.
For further information contact:
Emma Forehan
ASIC Media Unit
Telephone: 03 9280 3354
Mobile: 0409 702 310
