ASIC sues Auditeo over First Guardian audit failures

ASIC filed Federal Court proceedings against Auditeo Australia and two auditors alleging false or misleading audit reports on First Guardian Master Fund for FY2020–2024.

ASIC is pursuing auditors under s1308(5) of the Corporations Act for allegedly unqualified reports on a failed fund. The case signals intensified scrutiny of gatekeepers and compliance plan audits in the managed funds sector.

Heightens auditor liability risk and reinforces regulator focus on gatekeeper accountability following high-profile fund collapses.

First enforcement targeting auditors linked to the First Guardian collapse; sets precedent for audit gatekeeper accountability.

“ASIC has launched Federal Court proceedings against Auditeo Australia Pty Ltd and two auditors over alleged serious audit failures linked to the First Guardian Master Fund, alleging unqualified audit reports for 2020–2024 contravened s1308(5) of the Corporations Act.”