Registered company auditor Joseph John Santangelo will not be able to audit companies until June 2026 after the Companies Auditors Disciplinary Board (CADB) found that he failed to carry out or perform adequately and properly the duties of an auditor in conducting the group audits of the financial statements of the entity comprising Greensill Capital Pty Ltd and its subsidiaries (the Greensill Group).
On 9 December 2024 the CADB ordered the suspension of Mr Santangelo, who is a partner of Nexia Sydney Audit Pty Ltd (NSA), until 1 June 2026.
ASIC Deputy Chair Sarah Court said, ‘Auditors are a critical part of the governance framework and are in a unique position to identify and limit misconduct. The failure of auditors to meet the standards required of them can have serious consequences for investors and erode confidence in the integrity of Australia’s capital markets.
‘Auditor misconduct was recently announced as a 2025 enforcement priority for ASIC and we will continue to act against auditors who fall short in meeting the standards required.’
Mr Santangelo was also ordered to provide various undertakings to ASIC, and to pay ASIC’s costs fixed in the sum of $375,000. Mr Santangelo provided an undertaking to ASIC not to practice as a registered company auditor from 1 June 2024.
ASIC commenced an application to the CADB in relation to Mr Santangelo in June 2023. The application related to the audits by NSA of the financial statements of the Greensill Group for the years ended December 2018 (FY18) and December 2019 (FY19).
The Greensill Group was a group of about 40 entitles, including Greensill Capital (UK) Ltd, and Greensill Bank AG, the ultimate holding company of which was Greensill Capital Pty Ltd. Mr Santangelo, as lead auditor and engagement partner of the Greensill Group’s consolidated financial statements, was required to ensure that the audits of the FY18 and FY19 financial statements were conducted by NSA in accordance with the Australian Auditing Standards.
