ASIC accepts auditor registration cancellations after L Audit review
Australia's corporate regulator has accepted the cancellation of Benjamin Alfred Peters' registration as a company auditor after examining his role in an audit of a large proprietary company. The move also covers the cancellation of L Audit Pty Ltd's authorised audit company registration following audit quality concerns identified during ASIC's 2025-26 surveillance program.
Highlights
- ASIC accepted Mr Peters' and L Audit Pty Ltd's applications to cancel their auditor registrations after identifying significant audit quality concerns.
- The 2025-26 ASIC audit surveillance program focused on L Audit Pty Ltd, where Mr Peters served as sole director and lead auditor.
- ASIC's actions reinforce intensified regulatory scrutiny of audit quality and compliance with professional standards in Australia's audit industry.
Surveillance review prompts registration cancellations
As reported by ASIC, the regulator accepted Mr Peters' application to cancel his company auditor registration after raising concerns about his role as lead auditor and engagement partner in the audit of a large proprietary company.The review formed part of ASIC's 2025-26 audit surveillance program and focused on an audit conducted by L Audit Pty Ltd, an authorised audit company where Mr Peters is the sole director.
ASIC said it identified significant audit quality concerns across several areas during the surveillance work.
Implications for Australia's audit oversight
The regulator has also accepted L Audit's application to cancel its authorised audit company registration, extending the action beyond the individual auditor to the firm itself.The case adds to ASIC's ongoing oversight of audit quality in Australia, where surveillance programs are used to examine whether auditors and audit firms meet required professional and regulatory standards.
Our earlier article covered Menara Asia Sdn Bhd’s launch of Menarabena, a B2B platform designed to connect construction firms with building material suppliers while centralising certification and compliance documentation. We noted that the initiative aims to improve supply-chain efficiency and quality control through digitalisation, while keeping existing approvals and regulatory requirements in place.
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