A Sydney-based auditor has lost his New Zealand licence over multiple breaches linked to the audit of a medicinal cannabis company that later went into receivership.
The Financial Markets Authority (FMA) said it had cancelled Scott Bennison's licence to carry out financial markets conduct (FMC) audits in New Zealand.
The regulator said it was satisfied, on reasonable grounds, that Bennison had breached several conditions of his licence.
The failures primarily related to his role as an engagement quality reviewer for the audit of Greenfern Industries' group financial statements for the year ending March 31, 2024.
Greenfern had appointed Bennison, of Sydney-based accounting firm KS Black & Co, as its auditor before the company went into receivership.
FMA executive director of response and enforcement Louise Unger said the decision followed a statutory process and reflected the seriousness of the conduct identified.
"Mr Bennison has the right to appeal the FMA’s decision to the District Court under the Auditor Regulation Act 2011," she said.
Founded in 2018, Greenfern Industries was a Taranaki-based medicinal cannabis and biotechnology company that also operated in the industrial hemp and hemp food sectors.
It was placed into receivership in February 2025 after failing to meet payment obligations.
The FMA thanked the Australian Securities and Investments Commission for its cooperation during the regulatory process.
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