Australian regulator initiates civil penalty action against BDO Audit (WA)

Australian Securities and Investments Commission (ASIC) has initiated civilian punishment proceedings successful the Federal Court involving BDO Audit (WA) and its director, Dean Just.

The regulator alleged that audit reports prepared for Dubber Corporation for the fiscal years ending 30 June 2020, 2021, and 2022 contained materially mendacious oregon misleading statements.

ASIC stated that the audit reports successful question included respective statements from BDO: the fiscal reports gave a existent and just presumption of Dubber Group’s fiscal position; the audits complied with Australian Auditing Standards; capable grounds was collected to enactment these opinions.

ASIC claimed that these assurances were fixed adjacent though Dubber’s fiscal statements for those years were “materially misstated”, and that the audits did not conscionable required standards.

Dean Just served arsenic the pb auditor during the play covered by the allegations.

On 1 March 2024, Dubber informed the Australian Securities Exchange (ASX) that during a reappraisal of its half-year accounts to 31 December 2023, inconsistencies were identified regarding funds supposedly held by a third-party trustee.

According to Dubber’s preliminary findings, funds thought to beryllium held successful a word deposit whitethorn person been utilized for different purposes and were not presently accessible.

The institution reported its maximum fiscal vulnerability astatine A$26.6m.

On 9 April 2024, Dubber made an further connection to the ASX, indicating from its probe that its erstwhile CEO and the third-party trustee “were apt progressive successful the unauthorised usage of those funds”.

On 17 June 2025, Dubber announced a further improvement that its subsidiary, Dubber Pty Ltd, had filed proceedings successful the Federal Court of Australia against its erstwhile auditors astatine BDO Audit (WA).

The institution sought up to A$26,605,000 positive involvement and costs.

ASIC lawman seat Sarah Court said: “We see BDO Audit and Mr Just acted extracurricular of the auditing standards, and we allege misleading reports were submitted to ASIC.

“Auditor misconduct continues to beryllium a cardinal enforcement precedence for ASIC.

“Confidence and spot are cardinal to the relation of institution auditors, and captious to maintaining the integrity of our markets and enabling investors to marque informed decisions.”

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