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ASIC needs to get tougher; but so do auditors

Updated: Jul 16, 2019

The Australian Securities & Investment Commission (ASIC) today released its media statement regarding Mr Wayne Allan Armistead, former Chief Financial Officer of Calvary Health Care ACT Ltd, who was found guilty of 28 false entries between 7 September 2012 and 9 July 2014.

The outcome of the case is a slap in the face for many reasons, and shows why ASIC needs to be harder on such instances. Ultimately, this was a great case for ASIC to 'prove a point' and set an example, particularly in light of the scrutiny that auditors are currently receiving, however this is another opportunity that has been missed.

To provide some background, Calvary Health Care ACT Ltd is part of the Little Company of Mary Health Care Ltd (LCMHC). Calvary Heath Care ACT operate a number of hospitals in the ACT, with some hospitals being publicly funded. The issue first arose when the LCMHC Ch