PCC decision - Richard Owen Dey and Michael Derek Wood

Background

The Professional Conduct Committee of Chartered Accountants Australia New Zealand (CA ANZ) published findings relating to Richard Owen Dey and Michael Derek Wood. The matter arose from a referral by the Financial Markets Authority (FMA) in December 2017 concerning the conduct of the audit firm Ingham Mora.

The referral followed an audit quality review which identified a compliance breach involving the mandatory rotation of the key audit engagement partner after seven years. The Professional Conduct Committee considered this breach and issued separate decisions for Michael Derek Wood and Richard Owen Dey, both dated March 2019.

The published outcomes document the Professional Conduct Committee’s conclusions on the matter, reflecting CA ANZ’s regulatory response to the audit quality and independence issue identified through the FMA’s review process.