KPMG auditors banned over Westpoint
Three KPMG partners have accepted temporary auditing bans over their role in the Westpoint Group collapse.
The Australian Securities and Investments Commission (ASIC) has accepted enforceable undertakings from Brett Charles Fullarton, Robert Charles Kelly and Jonathan Grant Robinson.
The Perth-based partners were involved in auditing activities related to Westpoint Group before it folded in 2006 with losses of more than $300 million.
The enforceable undertakings stipulate that Mr Fullarton will not practise as a registered auditor for two years, while Mr Kelly was banned for 18 months and Mr Robinson for nine months.
ASIC said audits filed by the men were inadequate and failed to meet national standards. The KPMG partners acknowledged the regulator's concerns "but do not accept them", according to an ASIC statement.
They must pay ASIC's costs in the action against them, participate in professional education on audit matters and have their next three audits reviewed by a KPMG audit partner.
The enforceable undertakings do not affect a separate $200 million action launched by ASIC against KPMG.