Weak auditing could spark another Enron, warns former ASIC boss Greg Medcraft; cautious on Royal Commission criticisms about ASIC being too cosy with regulated companies

Former Australian Securities & Investments chairman Greg Medcraft warns that conflicts of interest in the auditing profession could result in corporate collapses on the scale of Enron. 

In his first broadcast interview since retiring as ASIC boss, Mr Medcraft said conflicts of interests and poor auditing standards risked another Enron, citing the US energy giant's spectacular implosion in 2001 after widespread fraud and corruption went unreported. 

Greg Medcraft, now a director at the OECD in Paris, speaks with ABC's Peter Ryan.