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 denies ASIC probe

Slaters denies ASIC probe

Slater and Gordon

Slater and Gordon disputes reports of an ASIC investigation as Quindell, which sold its professional services division to Slaters earlier this year, confirms it is under investigation by the UK’s financial watchdog.

London firm Quindell suspended trading and announced yesterday (24 June) that Britain's Financial Conduct Authority is investigating the company’s accounting practices.

Quindell also confirmed it had identified accounting policies in its disposed-of businesses, including the professional services division (PSD) acquired by Slaters in April for $1.3 billion, which “were largely acceptable but were at the aggressive end of acceptable practice”.

Slaters has claimed that neither the firm nor Pitcher Partners, which has conducted audits of Slaters for more than a decade, are being investigated by ASIC in relation to Slaters’ accounting practices.

However, the firm said ASIC had been in contact with Pitcher Partners regarding its audit of Slaters “as part of a routine, periodic and rotational review of the processes of auditors of publicly-listed companies”.

“ASIC’s engagement with Pitcher Partners is preliminary and ongoing,” Slaters stated in an announcement to the ASX.

Earlier this week (24 June), an Australian Financial Review article said ASIC was looking into whether Pitcher Partners had the resources to conduct an extensive and complex international audit.

Slaters dismissed the claims as “incorrect and misleading”.

The firm also disputed the suggestion that it enlisted Ernst & Young (EY) to undertake its UK audit in response to preliminary inquiries from ASIC.

Slaters said EY assisted the firm with its financial due diligence in relation to the acquisition of PSD and was recently appointed to undertake the UK component of the audit process, formerly undertaken by Baker Tilly (UK).

The firm added that Pitcher Partners was not involved in the financial due diligence relating to the acquisition of PSD.

Pitcher Partners is an affiliate of Baker Tilly International.

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 denies ASIC probe
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...
Applauds
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...
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 & ...