find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Real Estate & Projects Lawyer (6+ years PAE)
Category: Property Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Top tier firm with offices nationally · High profile clients
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
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
Aug 21 2017
LCA applauds proposed Modern Slavery Act
The Law Council of Australia has welcomed new recommendations for the development of a Modern Slaver...
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'...
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...
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 & ...