A Sydney-based auditor has lost his New Zealand financial markets conduct licence following regulatory breaches tied to the audit of a medicinal cannabis company that subsequently collapsed into receivership, 1News reported.
Regulatory Intervention and Licence Cancellation
The Financial Markets Authority cancelled Scott Bennison’s licence to carry out financial markets conduct audits after determining he breached multiple regulatory conditions. Regulators confirmed the failures centered on his responsibilities as an engagement quality reviewer for Greenfern Industries’ group financial statements for the financial year ending March 31, 2024. Bennison was appointed to the role through the Sydney-based accounting firm KS Black & Co before the client organization collapsed.
Enforcement Actions and Interstate Cooperation
FMA executive director of response and enforcement Louise Unger stated that the decision followed a formal statutory process and addressed severe conduct deficiencies. “Mr Bennison has the right to appeal the FMA’s decision to the District Court under the Auditor Regulation Act 2011,” she said, as reported by 1News. The regulatory process involved direct cross-border cooperation between New Zealand authorities and the Australian Securities and Investments Commission.
Corporate Collapse of Greenfern Industries
Established in 2018, Greenfern Industries operated as a Taranaki-based medicinal cannabis and biotechnology enterprise with active ventures across the industrial hemp and hemp food markets. The company faced severe financial distress after failing to meet its payment obligations, resulting in its placement into receivership in February 2025. The audit review of the firm’s final operational year directly triggered the regulatory scrutiny that culminated in the cancellation of Bennison’s auditing credentials.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
