26 Nov 2010

SCF auditor fined

7:08 am on 26 November 2010

South Canterbury Finance's auditor, who gave the failed finance company a clean bill of health, has been fined and censured by the disciplinary tribunal of the Institute of Chartered Accountants.

Bryon Pearson, a director of Woodnorth Myers of Ashburton, has been fined $38,000.

The tribunal concluded he lacked the skill and experience to audit such a large and complex company.

South Canterbury Finance was placed in receivership on 31 August, forcing the government to pay $1.6 billion to investors under the Crown's retail deposit guarrantee.