ASIC’s accountants undertaking on Shield, First Guardian

Mike Taylor

Managing Editor and Publisher

23 April 2026

The Australian Securities and Investments Commission (ASIC) has undertaken to write to the major accounting bodies asking them to monitor the regulator’s announcements with respect to Shield and First Guardian.

As well, ASIC has said it will also consider whether “any proactive disclosures to professional bodies are warranted as its work on Shield and First Guardian progresses.

ASIC gave the undertakings in response to questions on notice filed by the chair of the Parliamentary Joint Committee on Corporations and Financial Services, Senator Deborah O’Neill at the same time as confirming its activities around company auditors connected to the Shield and First Guardian collapses.

ASIC said it is investing three registered company auditors and two authorised audit companies with respect to the Shield and First Guardian Master Funds.

However, in responding to a succession of questions on notice from members of the Parliamentary Joint Committee ASIC made clear that the major accounting bodies are not licensed or registered by ASIC.

Asked by West Australian Labor parliamentarian the extent to which ASIC has visibility over commissions, fees, or other benefits flowing from insurance or referral arrangement within professional bodies, the regulator said it did not have direct visibility.

Lawrence also asked ASIC whether it required the professional accounting bodies to monitor or audit compliance with consumer disclosure obligations where they and their members gain a financial benefit or interest from insurance products or referral program.

ASIC responded that it regulates individuals and entities that are licensed or registered by ASIC noting that “the professional accounting bodies are not licensed or registered by ASIC”.

Responding to questions from O’Neill, ASIC confirmed there had been 30 occasions between 10 March 2025 and 10 March this year in which ASIC had written to the three professional accounting bodies sharing confidential and non-confidential information about ASIC’s inquiries or investigations concerning a suspected member of one of the bodies.

It said that during the same period, professional accounting bodies had written to ASIC on 24 occasions, concerning disciplinary or other action taken by the body in respect of an ASIC-regulated person.

“To provide a comparison on a year-on-year basis, between 10 March 2024 and 10 March 2025:

*ASIC did not write to the professional accounting bodies during this period; and

*The bodies wrote to ASIC on 10 occasions.”

“During the period 10 March 2024 and 10 March 2025, whilst ASIC did not directly write to the bodies, ASIC is aware that the bodies accessed non-confidential information about ASIC’s inquiries or investigations concerning their members, including accessing media releases and information from public registers that ASIC maintains

“ASIC also required some of the regulated persons to notify their professional body of the actions ASIC had taken (for e.g. imposing a condition on the regulated persons registration that they notify the body of ASIC’s disciplinary action).”