ASIC today announced it has accepted a request from Mr Stephen James Bourke of PricewaterhouseCoopers to cancel his registration as a registered company auditor, following his decision to retire as an auditor.

Mr Bourke was lead auditor for the audit of the financial report of Vocation Limited for the year ended 30 June 2014.

ASIC believes that Mr Bourke should have gathered further audit evidence post-balance date and prior to signing the audit opinion concerning Vocation's dispute with the Victorian Department of Education and Early Childhood Development.

In ASIC’s view, Mr Bourke should have obtained this further evidence in connection with the recognition and recoverability at year end of a material accrued revenue asset and consideration of any possible impact on goodwill.

Accordingly, ASIC believes that Mr Bourke did not carry out or perform adequately or properly the duties of an auditor in this respect.

Mr Bourke denies this is the case and says he took all appropriate steps.