HIH auditor back at work
Former HIH auditor Jonathan Pye has been welcomed back into the financial services fold after a five-year absence.
Mr Pye, who managed the HIH books while at Arthur Andersen, can resume work in his chosen field after the Australian Securities and Investments Commission (ASIC) accepted an enforceable undertaking last week.
Mr Pye approved the HIH balance sheet months before the company folded with debts of $5.4 billion. ASIC said his conduct was not dishonest and there was no bad faith or inattention that amounted to recklessness.
In a statement, ASIC said Mr Pye has agreed not to sign any audit reports until after June 30, and must not sign the first five audits he undertakes after that date.
Those audits will be reviewed by an ASIC-approved auditor, who must declare they have been conducted to the required standard.
Mr Pye, who managed the HIH books while at Arthur Andersen, can resume work in his chosen field after the Australian Securities and Investments Commission (ASIC) accepted an enforceable undertaking last week.
Mr Pye approved the HIH balance sheet months before the company folded with debts of $5.4 billion. ASIC said his conduct was not dishonest and there was no bad faith or inattention that amounted to recklessness.
In a statement, ASIC said Mr Pye has agreed not to sign any audit reports until after June 30, and must not sign the first five audits he undertakes after that date.
Those audits will be reviewed by an ASIC-approved auditor, who must declare they have been conducted to the required standard.