This Month
KPMG auditors caught using AI to cheat on tests
Using AI for assessments is already rampant among schoolkids and uni students, so it was only a matter of time before staff at consulting firms jumped on board.
November
Corporate Travel ripped off customers. It’s now fighting for its life
The scandal that has engulfed Corporate Travel Management is a governance train wreck that will do a lot more damage before it’s finished.
Macquarie win puts KPMG on track to dominate ASX20 audits
The Macquarie audit is the most coveted and valuable auditing gig in the country, worth almost $75 million in annual fees.
Audit failures like Whyalla wipeout put our super at risk
When auditors cut corners, when they compromise their objectivity, or when they place profit above principle, our financial wellbeing is jeopardised.
October
PwC’s $1.5b AI audit revolution has a catch: don’t expect a discount
PwC Australia is piloting its new AI-driven, time-saving software platform on local clients as part of a global race against rivals KPMG, Deloitte and EY.
Corporate Travel’s Jamie Pherous has extraordinary fun with numbers
Releasing unaudited numbers based on unaudited numbers would be bad enough without getting them wrong.
Deloitte to pay $52m over audit work on US nuclear fiasco
Former shareholders in utility Scana said the big four firm failed to spot red flags and allowed management to hide mounting issues.
Auditor cancelled, firms fined in ASIC independence review
Breaches of longstanding independence rules have led to one auditor cancelling his registration, a fine for Nexia Perth and orders made against Hall Chadwick.
September
ASIC to crack down on asset valuations after scathing super report
The regulator reviewed one super fund audit by each of the five largest accounting firms, and only KPMG escaped censure over the valuation of unlisted assets.
Westpac’s sackings conceal empty chief officer role
Audit may not be the most glamorous part of a major bank, but it still needs to be staffed.
AMP conjures ghosts past and auditors present
It’s been seven years since Linda Elkins appeared before the Hayne royal commission.
Proxy adviser pushes boards to drop ex-big four partners with conflict
At least 12 non-executive directors, all formerly of KPMG, EY, PwC or Deloitte, are being targeted by new voting advice aimed at improving auditor independence.
August
PwC auditors risk becoming the news at Corporate Travel
Deloitte, which replaced PwC as auditor for the travel group, has come in and started marking the latter’s homework. It doesn’t seem to like what it’s found.
Ex-KPMG, PwC auditors turned company directors targeted by proxy firms
One of the country’s most influential governance firms has changed guidance on how institutional investors should approach members of board audit committees.
Australia urged to follow Britain, US and EU with digital financial reporting
In 15 years of voluntary digital reporting in Australia, it hasn’t happened once, while successive federal governments have ignored calls to make it mandatory.
July
KPMG helps Macquarie learn how to give an audit contract
Only consulting firms could come up with a trick as clever as advising companies on how to award tenders that they later apply for.
Macquarie director still part of audit selection despite KPMG past
Glenn Stevens, the chairman of the finance giant, said Michelle Hinchliffe would be involved and concerns about any conflict of interest was “silly talk”.
Macquarie Group audit chair’s KPMG fraternising
After she became a Macquarie director, but long before its auditing contract was put out to tender, Hinchliffe gave a fireside chat to KPMG audit partners.
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.
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.