Heading South; KPMG Audit Partners Banned Over Westpoint Audit

Three KPMG partners have been banned as registered auditors until at least mid-2010 following their involvement in the audit of the Westpoint group of companies.

where do you sit on the moral compass?

As reported by the AFR (18/8):

Brett Fullarton, Robert Kelly and Jonathon Robinson have agreed to be banned for 2 years, 18 months and nine months respectively, rather than face the alternative of having a hearing before the Companies Auditors and Liquidators Disciplinary Board.

Later in the article it is reported that KPMG national managing partner of audit Peter Nash said:

the three would remain in the audit division, where there was a range of work they could undertake for the firm, such as consulting or other accounting work.

Presumably they wont, therefore, simply continue auditing and have a fellow KPMG audit partner rubber stamp their work. The 4000 aggrieved Westpoint investors, each of whom is on average $90,000 lighter in the pocket, would be entitled to consider the bans as a hollow punishment in that case.

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