Speaking to the joint committee on corporations and financial services, auditor-general Grant Hehir said that it was forced to take James Shipton’s remuneration payments to Treasurer Josh Frydenberg after ASIC didn’t take decisive action by referring the matter to the remuneration tribunal.
“It felt to me that we weren’t getting enough traction in getting management attention to it as I thought was appropriate for the significance of the issue,” Mr Hehir said, later adding that the matter “should have rung alarm bells”.
Mr Hehir also suggested “there may have been issues of governance” that stopped ASIC from taking action and that ASIC didn’t provide some documents regarding the transaction with KPMG until after the close of the ANAO’s audit.
“To some extent, when we’re doing audits, we rely on management to give us everything that’s available in order to provide an appropriate opinion and in this case, receiving additional evidence after the close of the audit, I didn’t think was appropriate governance.”
Bet if they dug into Kell and Medcraft that they would find a heap there as well and that the rot started back when labor made those senior appointments
ASIC is corrupt
I’m speechless. The hypocrisy is astounding isn’t it? How can anyone trust ASIC. This is what happens when lawyers take over the world
This just proves that James Shipton (and ASIC also come to think of it) are no better than the ‘rotten’ advisers they’ve both been hell bent on destroying and removing from our industry. Words escape me how hypocritical this is of ASIC. They’ve just validated my thoughts about their double standards and level of integrity the last 4-5 years. What a wretched and corrupt organisation…heads must roll for this.
ASIC is corrupt.
Heads on sticks!!
Who regulates the regulator? It’s everywhere, isn’t it? I agree with the comments here – it’s disgraceful that the regulator would withhold documents to impede an investigation! Now that behaviour can be used to justify the same from the organisations ASIC is trying to investigate. What a quagmire of corruption.
In other news, yet another adviser to be jailed for stealing $2.9M from clients yesterday as well. This stuff has to be rooted out for the good of everybody.
Don’t do as we do, do as we say. If we were subject to an investigation by ASIC and failed to provide full disclosure at the time of the review and this came to light after the review, we would be subject to major penalties.
How can ASIC get away with this. Someone has the take the fall on this including the termination of Shipton from ASIC. He is far to conflicted.
[b]Corrupt ASIC from Top to Bottom [/b][b][/b]
This is criminal! What would happen to an adviser or accountant for this sort of behavior?
Also, I have noted that advisers are very reluctant to comment on articles using their name (for example on LinkedIn) for FEAR of being targeted by ASIC….. that is real and this is the type of organization that ASIC is.
CORRUPT.
Now imagine ASIC request documentation from an Adviser within a certain timeframe and the Adviser doesn’t supply them until after the inquiry/audit has been closed. WTF do you think would happen to that Adviser? It’s time ASIC was completely overhauled, with the disgusting lack of experience and knowledge most analysts there seem to have to be rectified or those staff replaced; and the intolerable gestapo-like behaviours to be abolished when it comes to their treatment of Advisers.
Hypocrite
Rotten
Definite Conflict of Interest there Mr Shipton… what a disgrace you have turned out to be.
This just gets worse every single week.
ASIC are demanding unworkable requirements and compliance from financial advisers and are clearly demonstrating they cannot manage their own affairs satisfactorily and within appropriate governance.
I don’t reckon Josh Frydenberg will have the balls to deal with this matter in the way it needs to be managed.
I don’t think he has it in him to take charge of the mess that ASIC are now in and to recognise the cultural and structural limitations of this organisation.
Corrupt ASIC, time to drain the Swamp and start again.
FARSEA too, get rid of them ALL.
ba ha ha…why not litigate??