Labor has asked the competition regulator to investigate the big four accounting firms Deloitte, EY, KPMG and PwC over allegations of cartel-like behaviour, warning of conflicts of interest between their audit functions and lucrative consulting businesses.
The written request, by shadow assistant treasurer Andrew Leigh and Labor member Julian Hill, asks Australian Competition and Consumer Commission boss Rod Sims to examine the structure of the auditing market given the dominance of the big four firms.
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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
Tom McIlroy is the Financial Review's political correspondent, reporting from the federal press gallery at Parliament House. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
