ASIC forces retailers to eat crow

ASIC forces retailers to eat crow

One-third of computer retailers in South Australia were unable to produce financial statements when requested by the Australian Securities and Investments Commission (ASIC).

Of the inspected retailers, the financial records ranged from extremely good to very poor in ASIC's evaluation, said Ralph Holmes, director of enforcement for ASIC's SA office.

Holmes said ASIC would investigate at least one retailer and another group of companies are the subject of ongoing investigations by the Australian Federal Police and the Taxation Office. ASIC has requested further information from two retailers that could not provide accounts from 1998 or 1999. Holmes would not reveal the names of the businesses.

"When one looks at the available software it's a little surprising," Holmes said of the poor bookkeeping.

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