What happened
The Companies Auditors Disciplinary Board (CADB) has suspended Joseph John Santangelo, a partner at Nexia Sydney Audit Pty Ltd, from acting as a registered company auditor until 1 June 2026. The CADB order was made on 9 December 2024.
What the CADB found
The CADB found that Santangelo failed to adequately and properly carry out the duties of an auditor when conducting group audits of Greensill Capital Pty Ltd and its approximately 40 subsidiaries for the financial years ending December 2018 and December 2019.
Undertaking and costs
Santangelo had already voluntarily undertaken not to practise as a registered auditor from 1 June 2024. He was also ordered to pay ASIC's costs fixed at $375,000 and to provide various undertakings to ASIC.
ASIC enforcement priority
ASIC has flagged auditor misconduct as a 2025 enforcement priority.
Key actions
- If Nexia Sydney Audit Pty Ltd is your registered company auditor, check whether your engagement is affected - Santangelo cannot audit companies until 1 June 2026.
- Review recent CADB orders and decisions at the CADB website to stay across auditor disciplinary actions that could affect your compliance arrangements.
- If you are a registered company auditor or employ one, note that ASIC has named auditor misconduct as a 2025 enforcement priority - review your audit practices against Australian Auditing Standards.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.