Falsification of APRA Compliance Reports

{Published 23 January 2015}

Chairman of APRA -23 January 2015

PWC Fund Auditor – Claire Keating 21 Jan 2015

PWC Fund Auditor – Mary Waldron 23 Jan 2015

PR 23 Jan 15

The Chairman of ASIC, Mr Greg Medcraft, has claimed that Australia is a ‘Paradise’ for white-collar criminals – a statement he was forced to retract by the Finance Minister and former Acting Assistant Treasurer, Senator the Hon Mathias Cormann.

Australia’s Worst White-Collar Crime involves the criminal concealment of the original Trust Deed and the misrepresentation of a document that bears the signature of the well known white-collar criminal, Ken Jarrett, as the “Trust Deed” of the Fund . Mr Jarrett served a term of imprisonment for dishonest conduct.

This fraud should have been quickly discovered by the Fund Auditor who is engaged to protect the interests of the members and beneficiaries of the fund and who is paid for his or her services by the members of the fund.

However several Audit Partners of PricewaterhouseCoopers (PwC) have certified falsified Section 35C(B) Compliance Reports which have then been submitted to APRA.

There are major fallings in the regulation of Australia’s $1 trillion superannuation industry, which includes the failure to mandate both audit partner rotation and audit firm rotation.

A “cosy” relationship develops between the entrenched fund auditor and the Trustee to the detriment of the members and beneficiaries of the fund.

The members and beneficiaries of one of Australia’s oldest superannuation funds have found out how they have absolutely no protection under the law when it comes to the largest asset most will acquire in their working lifetimes.

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