This Month
From Seek to Wesfarmers, major audits up for grabs as firms circle
Some of the market’s most lucrative and long-held contracts are being fought over as professional services rivals try to nab millions of dollars in new work.
Macquarie defends ex-KPMG director over coveted audit contract
The bank refuses to say whether board director Michelle Hinchliffe has recused herself from deliberations around its prized audit contract.
KPMG, EY frontrunners to snatch coveted Macquarie audit role from PwC
Working on the investment and banking giant’s books is one of the most complex jobs for an accounting firm, but one that promises a significant windfall.
Treasury prepares to crack down on audit firms, with or without ASIC
Officials are considering handing the corporate regulator the power to punish major accounting and consulting firms for the first time, among other options.
June
Consulting downturn bites as big four partner exits speed up
Australian partner numbers across Deloitte, EY, KPMG and PwC are down 500, to almost 2900 partners, since the 2023 peak.
The new EY partner who’s not afraid to make a ‘captain’s call’
The new partner handles service delivery issues, connects her clients to global EY services and makes the “captain’s call” on what is pitched to clients.
Rex limbo to drag on as EY fails to find airline a new owner
The Albanese government said administrators of the collapsed regional carrier would ask the Federal Court to extend the timeline until the end of the year.
May
Former health minister Greg Hunt to join Alvarez & Marsal
The New York consultancy has flagged more poaching from its larger rivals three years after it first arrived promising lucrative pay days for staff.
Former EY partner banned over tax evasion and schemes for clients
Peter White has been banned by the Tax Practitioners Board for five years for personal tax evasion and creating schemes for clients to minimise tax.
Trump may be rare good news for the big four consulting firms
Uncertainty stemming from the US president’s unpredictable administration is pushing clients to re-engage with firms for advice on operations and strategy.
Venn Energy offers NSW, Vic renewable assets for sale: hires EY
A deal is slated to be signed by June 30, according to a flyer dubbed “Project Opal” in front of prospective investors.
April
EY Oceania to avoid merger in global restructure
The firm’s local division will continue to be led by chief executive David Larocca, but job cuts are expected amid a broader reorganisation of the business.
EY and PwC become the outsourcers
Such is the big four’s plight in Canberra that they have started outsourcing their government dealings.
PwC spin-off Scyne Advisory to slash staff and restructure
The public sector consulting specialist now owned by Allegro Funds told employees it would cut about 10 per cent of its headcount and focus on tech work.
Bids fly for Top Shelf International assets
Street Talk understands Longreach Credit Investors has fielded a $20 million bid for a collection of Top Shelf’s assets.
March
ATO alleges ex-EY partner ‘lined his pockets’ with client money
A former EY partner received secret commissions from clients by not disclosing relationships with companies he used to facilitate illegal tax schemes, the Tax Office alleges.
Former EY partner being sued by ATO challenges tax assessment
Peter White is accused of promoting three illegal tax schemes to seven clients and taking $700,000 in secret commissions.
EY proposes massive restructure, merging divisions to find growth
The accounting and consulting major is proposing to end its overarching geographic groupings and merge regions in a move that will likely result in job losses.
Former EY partner Jason McLean moves to PwC
The move is part of a push at PwC Australia to beef up its financial services advisory offering.
Rio’s Australian shareholders to vote on London listing question
The mining giant faces a push from activist investors to reassess its dual-listed structure and leave the London Stock Exchange like major rival BHP did.