A former company auditor has had his registration cancelled after the regulator raised concerns about long-term independence and conflict of interest issues linked to his professional relationship with a client. <\/p>\n
ASIC has accepted an application from former company auditor John Gordon Owenell to cancel his registration after raising concerns about his compliance with auditor independence and conflict of interest requirements under the Corporations Act 2001 and the APES110 Code of Ethics for Professional Accountants. <\/p>\n
The concerns related to Owenell\u2019s long-standing involvement with a large proprietary company, where he previously served as company secretary from 1988 to 2003, conducted internal audits between 2005 and 2007, and then acted as auditor for a consecutive 19-year period from 2007 to 2025. <\/p>\n
The Corporations Act 2001 is the key Australian law governing how companies are formed and run, including rules on directors\u2019 duties, financial reporting, auditing, fundraising, and insolvency, with ASIC responsible for enforcement. <\/p>\n
Meanwhile, the APES 110 Code of Ethics sets professional ethical requirements for accountants, focusing on integrity, objectivity, competence, confidentiality, and independence to ensure public trust in financial reporting and assurance work. <\/p>\n
Based near Perth, Owenell was an accountant and long-time principal at Owenell Partners, which is located in Nedlands, Western Australia, and provides accounting, tax, audit, and business advisory services for individuals and small to medium businesses. <\/p>\n
On its website – which currently has access restricted – the company describes itself as a \u201cboutique accounting and business advisory since 1976.\u201d <\/p>\n
ASIC said the circumstances, particularly the length of Owenell\u2019s association with the client, created significant self-interest and familiarity threats to auditor independence that were not appropriately addressed. <\/p>\n
The regulator identified the alleged issues through a proactive surveillance program examining auditor independence and conflicts of interest. <\/p>\n
The review formed part of ASIC\u2019s broader work outlined in Report 817, Building trust: Auditors\u2019 compliance with independence and conflict of interest obligations. <\/p>\n
ASIC Commissioner Kate O’Rourke said auditor independence was critical to maintaining confidence in Australia\u2019s financial reporting system. <\/p>\n
\u201cAuditor independence is fundamental to trust in Australia\u2019s financial reporting system. Auditors must avoid situations where their objectivity is compromised or could reasonably be seen to be compromised,\u201d O\u2019Rourke said. <\/p>\n
No admissions have been made by Owenell in relation to ASIC\u2019s concerns. <\/p>\n
ASIC noted that Owenell is experiencing significant health issues and had already been intending to retire in 2026. <\/p>\n
Whilst the ASIC statement did not specify the reason for the concerns raised, Accounting Times reached out to Owenell Partners for commentary, in which the firm declined to make a statement. <\/p>\n","protected":false},"excerpt":{"rendered":"A former company auditor has had his registration cancelled after the regulator raised concerns about long-term independence and…\n","protected":false},"author":2,"featured_media":768930,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[64,63,44],"class_list":["post-768929","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-au","tag-australia","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/768929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=768929"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/768929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/768930"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=768929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=768929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=768929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}