Australian Securities and Investments Commission chairman James Shipton demanded KPMG compensate him for alleged advice errors that led to a $12,000 personal tax penalty after ASIC paid the big four accounting firm $118,557 to do his tax returns.
The KPMG dispute revelation came as it emerged that Treasurer Josh Frydenberg will strongly consider a broader overhaul of ASIC's leadership model, once he receives an independent review by December into its remuneration and procurement practices.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
Edmund Tadros leads our coverage of the professional services sector. He is based in our Sydney newsroom. Connect with Edmund on Twitter. Email Edmund at edmundtadros@afr.com.au
