26-218MR CADB suspends registration of former PKF Brisbane auditor Cameron Bradley for breaches across 3 managed investment scheme audits

The Companies Auditors Disciplinary Board (CADB) has suspended the registration of Brisbane company auditor Cameron Bradley, formerly a partner of PKF Brisbane Audit (PKF Brisbane Audit), until 30 June 2028. The suspension comes into effect on 15 September 2026.

The CADB determined a three-year suspension was appropriate, taking into account that Mr Bradley had voluntarily stepped down as a registered company auditor on 1 July 2025. The CADB has also reprimanded Mr Bradley and requires him to give certain undertakings including future peer reviews and additional continuing professional development.

Following an investigation, ASIC referred Mr Bradley to the CADB in June 2025 regarding his conduct in three managed investment scheme audits for the financial year ended 30 June 2023for the following managed investment schemes:

  • Global Diversified Alpha Fund
  • Global All Seasons Fund, and
  • Global Mutli-Strategy Fund (collectively the Schemes).

The responsible entity for the Schemes is Australian Fiduciaries Limited (AFL). ASIC has conducted a separate investigation into AFL.

The CADB determined Mr Bradley had failed to properly and adequately perform the duties of an auditor when auditing the financial assets of the Schemes. The financial assets represented more than 90% of the Schemes’ total assets. The Schemes sat at the top of a multi-tiered (at least 4 level) investment apparatus, which was complex and involved an array of different funds and trusts. Ultimately, the underlying assets were properties used as disability accommodation under the NDIS scheme.

The CADB determined Mr Bradley failed to ensure PKF Brisbane Audit carried out the audits in accordance with the Australian Auditing Standards, including by failing to:

  • display and exercise professional scepticism and professional judgement
  • perform appropriate audit procedures for the purposes of obtaining sufficient appropriate audit evidence
  • obtain sufficient appropriate audit evidence, and
  • prepare sufficient audit documentation for the audits as required by the Australian Auditing Standards.

The CADB also determined that PKF Brisbane Audit failed to express a qualified opinion or disclaim an opinion on the audit reports of the Schemes.

The CADB found that:

‘…Mr Bradley’s failings were comprehensive and related to very important matters. They were not on the margins of the audit function; they went to its core. This is not a case of an isolated or technical breach on a single audit; it involved foundational obligations of an auditor - the obligation to obtain sufficient appropriate audit evidence, to exercise professional scepticism and to prepare documentation sufficient to allow an experienced auditor with no connection to the audit to understand what was done. These were not technical or lesser-known requirements. They are obligations imposed on every auditor in every audit regardless of the complexity of the entity being audited.’

ASIC Commissioner Kate O’Rourke said, ‘ASIC has consistently highlighted the importance of robust valuation practices, governance and audit quality, including in private markets. Auditors provide an important line of defence for investors. When audits fail to appropriately interrogate significant assets and valuations, confidence in those markets can be undermined. This outcome sends a clear message that auditors must meet the fundamental standards expected of the profession.’

The CADB also ordered:

  • publication of its decision, and
  • Mr Bradley pay ASIC’s costs fixed at $93,589.

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Background

ASIC is responsible for the registration and oversight of registered company auditors. ASIC’s 2026 enforcement priorities include a continued focus on auditor misconduct (25-273MR).

The CADB is an independent expert disciplinary tribunal empowered to cancel, suspend or otherwise sanction a company auditor’s registration, on application made by ASIC. A list of CADB Auditor decisions and media releases can be found in the CADB News room.

Australian Fiduciaries Limited

ASIC understands that around 600 Australian retail investors have invested approximately $160 million into managed investment schemes offered by Australian Fiduciaries Limited (Australian Fiduciaries) since February 2020, predominantly through their self-managed super funds (SMSFs). Australian Fiduciaries ceased distributing units in the schemes in September 2023.

On 8 August 2025, Terry van der Velde and Matthew Hudson of SV Partners were appointed as liquidators of Australian Fiduciaries.

On 4 September 2025, following an application made by ASIC, the Federal Court ordered that Matthew Hudson and Terry van der Velde of SV Partners be appointed receivers to the property of SRI Fiduciaries 2 Pty Ltd and SRI Fiduciaries 3 Pty Ltd—related entities of Australian Fiduciaries and made orders freezing their assets.

These orders follow the Court’s appointment on 2 September 2025 of the same receivers and the making of similar freezing orders to six other related entities.

ASIC has an ongoing investigation into Australian Fiduciaries and numerous related entities (see Australian Fiduciaries Ltd).

ASIC have issued the following media releases in relation to our investigation into Australian Fiduciaries, the responsible entity of the Schemes: