This Month
Deloitte partner exits over AI error-riddled report
The Finance Department is investigating whether other public sector agencies have quality complaints after the firm’s botched report.
Former PwC CEO fined, suspended by Chartered Accountants ANZ
The decision came after the Tax Practitioners Board found Tom Seymour failed to act on signs that secret government information was being shared among partners.
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
EY Oceania cuts 90 from consulting arm
The firm continues to hire many graduates, with almost 600 joining during the past year, and is relying on these recruits to bring AI skills into the business.
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.
Allegro-owned PwC spin-off Scyne slides to big loss in first full year
Accounts lodged with the corporate regulator show the private equity firm injected another $50 million into the public sector consultancy in the 12 months.
$841m public service pay blowout
The budget in March forecast a $42 billion deficit this financial year, though that does not include unbudgeted election promises or the soaring cost of wages.
October
The mystery behind sacked EY partner’s missing $4000 jacket
Leonard Joseph Nicita not only lost his coat, but also his job. Though at least he got the former back.
Labor to promote SMEs, women-led firms in overhaul of contracts rules
The new rules will raise the threshold for foreign companies to win government work in a bid to help smaller, local firms win taxpayer-funded contracts instead.
EY’s history of curious reports for whoever is willing to pay
The gas and oil lobby is just the latest beneficiary of EY’s ability to find whatever answer its clients are after.
More errors, ‘irrelevant citations’ in Deloitte’s revised AI report
Academics question how AI-generated “gobbledegook” can be justified after the fact by irrelevant citations, as the big four firm republishes its welfare report.
Deloitte bought a global AI ad campaign. Media silence came with it
There have been more stories published by the media in Colombia, about Deloitte’s botched AI report for the federal government, than in The Australian.
How one academic unravelled Deloitte’s AI errors
“I would’ve studied that book if it existed” – the moment welfare academic Chris Rudge knew he had sprung AI fictions in a consultancy report.
‘Oversight was not followed’: Deloitte apologises for AI report
The firm will discipline personnel over a report that had to be reissued after they failed to vet incorrect AI-generated material in the document.
Deloitte’s AI scandal shows consultants need a new strategy
The saga also raises existential questions: for consultants, AI is both a major opportunity and a threat that directly undermines their premium fees.
Where is Mount Isa smelter owner Glencore based? Take our weekly quiz
Have you been paying attention this week? Test your knowledge across politics, business and world news.
PwC partners approve its ‘Luke Sayers amendments’
The consulting giant’s generous pension scheme will be toughened up and its CEO selection process broadened.
Deloitte’s repayment fee for botched AI report revealed
The Finance Department says the big four consulting firm was not paid $97,587.11 of a $439,142 contract for a report that included errors traced to AI use. The team that produced it has been sent for additional training.
EY, KPMG, PwC and BCG spruik AI rules after Deloitte’s botched report
Firms say they have strict vetting processes after Deloitte was forced to reissue a $440,000 report containing artificial intelligence-related errors.
KPMG corrects its own phantom reference
Deloitte isn’t the only big four firm slipping up on its citations, though it’s still the only one blaming the robots.