Former auditor faces 3-year suspension, receives $94k costs order

Former PKF Brisbane Audit partner, auditor Cameron Arthur Bradley, has had his registration suspended until 30 June 2028 by the Companies Auditors Disciplinary Board, ordered to commit to an undertaking and pay $93,589 in costs for an ASIC investigation for failing the Australian Auditing Standards (AAS) in three managed investment scheme audits for the financial year ended 30 June 2023.

His suspension took effect on 15 September 2026.

Following ASIC’s initial investigation into the three audits, the board found that Bradley failed to “properly and adequately perform the duties of an auditor” when auditing the financial assets of three schemes.

The three managed investment schemes impacted were Global Diversified Alpha Fund, Global All Seasons Fund, and the Global Multi-Strategy Fund.

The audited financial assets made up more than 90 per cent of the scheme's total assets, with the underlying assets being properties used as disability accommodation under the NDIS scheme.

The board determined that in these audits, Bradley failed to “display and exercise professional scepticism and professional judgement, perform appropriate audit procedures for the purposes of obtaining sufficient appropriate audit evidence, obtain sufficient appropriate audit evidence, and prepare sufficient audit documentation for the audits as required by the Australian Auditing Standards”.

As part of the undertaking ordered by the board, Bradley committed to engaging a registered company auditor to review three of his audits and to completing 10 additional hours of continuing professional development every year for three years.

The board ordered Bradley to provide ASIC with a written opinion on whether his work as an auditor or engagement partner on each audit was conducted in accordance with the Auditing and Assurance Standards Board’s and Australian Accounting Standards Board’s standards.

“Mr Bradley’s failings were comprehensive and related to very important matters. They were not on the margins of the audit function; they went to its core. This is not a case of an isolated or technical breach on a single audit; it involved foundational obligations of an auditor - the obligation to obtain sufficient appropriate audit evidence, to exercise professional scepticism and to prepare documentation sufficient to allow an experienced auditor with no connection to the audit to understand what was done. These were not technical or lesser-known requirements. They are obligations imposed on every auditor in every audit regardless of the complexity of the entity being audited,” the board said.

Kate O’Rourke, ASIC commissioner, said: “ASIC has consistently highlighted the importance of robust valuation practices, governance and audit quality, including in private markets. Auditors provide an important line of defence for investors. When audits fail to appropriately interrogate significant assets and valuations, confidence in those markets can be undermined. This outcome sends a clear message that auditors must meet the fundamental standards expected of the profession.”