This Month
Why ASIC stopped naming and shaming the big four over audit quality
The corporate regulator has now flagged it is planning to begin reviewing the operations of the six largest firms from next year.
- Edmund Tadros and Patrick Durkin
Unpleasant work or low pay? What’s behind the auditor shortage
ASIC chairman Joe Longo and Labor senator Deborah O’Neill have different takes on why auditing is struggling to attract graduates.
- Edmund Tadros
US regulator investigates PwC tax leaks after ‘untimely’ report
The powerful US Public Company Accounting Oversight Board is investigating the Australian tax leaks scandal, bringing increased risk to PwC’s global operations.
- Edmund Tadros
Big four audit, consulting model questioned in PwC tax leaks inquiry
The argument that the major accounting firms need access to specialised skills within their consulting businesses to deliver quality audits has been questioned at a Senate inquiry.
- Edmund Tadros
KPMG UK fined record $40m over dodgy Carillion audit
KPMG UK has been hit with a record £21 million ($44.4 million) fine by the UK accounting watchdog for failings in its auditing of collapsed outsourcer Carillion.
- Simon Foy
September
PwC seeks absolution but can it really change?
The publication of two documents and a video apology for the tax leaks scandal this week was meant to be a circuit breaker. But it won’t be that easy.
- Edmund Tadros
Big four earn 99.3pc of top companies’ audit fees
The big four audited 96.5 per cent of Australia’s 200 largest companies in 2022, and lifted fees by 21 per cent.
- Maxim Shanahan
August
Big four name-and-shame audit quality reprieve criticised
The concern comes amid growing disquiet about the dominance of the big four firms – KPMG, PwC, EY and Deloitte – in audit work.
- Ronald Mizen
Adani Ports names new auditors after Deloitte resigns
The replacement move may again put the spotlight on governance at the Indian conglomerate.
- Susanne Barton and Advait Palepu
Court moves to drop fraud convictions in KPMG US audit scandal
US prosecutors concede wire fraud charges cannot stand against a former managing partner and an audit regulator employee.
- Stephen Foley
Audit firms fight to block expansion of fraud detection role
New US rules are impractical and would send fees soaring, industry group says.
- Stephen Foley
July
US regulator reports rising number of flawed audits
Firms cite factors including high staff turnover and hybrid work patterns, according to PCAOB report
- Stephen Foley
Audit firm becomes the first to adopt nine-day fortnight
Staff at Findex Group’s auditing arm, Crowe Australasia, work extended hours over nine days in return for getting every second Friday off work.
- Euan Black
UBS hands EY one of the biggest audit deals in global banking
The contract for the bank enlarged by the Credit Suisse takeover will require the firm to call in staff from other countries.
- Owen Walker and Michael O’Dwyer
Deloitte CEO defends $3.5m pay amid calls for reform, royal commission
The boss of big four accounting firm Deloitte says the consulting sector operates completely free of any oversight and without obligation or clarity about reporting misconduct.
- Edmund Tadros
- Exclusive
- Big four accountants
Big four get name-and-shame reprieve on audit quality
The corporate watchdog has scrapped its annual report card on the big four accounting firms’ audit quality.
- Ronald Mizen
Mid-tier shortcomings undermine challenge to big four accounting firms
The UK accounting regulator has criticised BDO and Mazars for “unacceptable” shortcomings in their audits.
- Michael O’Dwyer
US renews audit inspections of Chinese firms
US audit officials have started a fresh round of inspections of New York-listed Chinese companies recently.
- Kiuyan Wong
KPMG and PwC fined over botched audits of British transport company
Two of the world’s largest accounting firms have been slapped down over their audits of Eddie Stobart Logistics.
- Hannah Boland
June
Martin Sheppard to become KPMG Australia’s new national chairman
Former Spotless CEO Martin Sheppard will succeed Alison Kitchen, who was the accounting firm’s first female national chairman.
- Natasha Rudra
