Wed, 2nd Jul 2025

In this Weekly Finance News Wrap, Paige Estritori discusses a significant development in the financial auditing sector. The Australian Securities and Investments Commission (ASIC) has deregistered auditor David Makowa linked to the downfall of Brite Advisers. Makowa voluntarily surrendered his registration, admitting to auditing lapses in Brite Advisers' financial statements from 2019 to 2022, which were found to be non-compliant with Australian Auditing Standards. The move underscores the importance of adherence to auditing standards, the role auditors play in maintaining the financial industry's stability, and ASIC's commitment to mitigating non-compliance. It also reveals that Brite Advisers is now in receivership with frozen assets due to AFCA non-compliance. The episode highlights that non-professionalism in financial roles will not be tolerated.