find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Slaters' financial auditing probed by ASIC

Slaters' financial auditing probed by ASIC

The Australian Securities and Investments Commission has ordered Slater & Gordon to provide documents as part of an investigation into whether financial accounts were doctored.

The law firm received two notices to produce financial documents to the corporate watchdog on Tuesday afternoon.

Slater & Gordon made its own ASX statement yesterday, which said that the ASIC probe does not indicate the firm has actually breached the law. The law firm added that it would “fully cooperate” with investigations to ensure that the process is finalised “as soon as reasonably possible”.

“ASIC has stated that these notices should not be construed as an indication by ASIC that a contravention of the law has occurred,” the statement read.

“Nor should they be considered a reflection upon any person or entity.”

The corporate watchdog is looking into whether Slaters’ financial records and accounts for the period 1 December 2014 - 19 September 2015 have been “deliberately falsified or manipulated”. It is also looking into whether any offences have been committed by the company or any of its officers, the statement said.

The firm has advised that the information requested will need to be produced to ASIC by January next year.

This latest investigation follows an earlier probe into Slaters’ financial accounts for 2013-14 and 2014-15, which ASIC concluded in February this year.

In August, Slaters posted a widely expected annual loss of $1.017 billion after tax, down 1,731 per cent on the corresponding year.

Commenting on the global firm’s performance in Australia at the time, managing director Andrew Grech said that improving governance and reporting processes was key to the company’s domestic strength.

“We’ll continue to improve our governance and reporting systems and processes. We’ve made significant headway in this area over the last several months and we intend to continue that,” Mr Grech said.

*A typo correction to the first quote replacing "corporate" with "cooperate" was made after publication.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Slaters' financial auditing probed by ASIC
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...