KPMG probed by ASIC for possibly misleading regulator
The Australian Securities and Investments Commission (ASIC) is investigating the 'Big Four' consulting firms, specifically focusing on KPMG, following a surge in whistleblower complaints. The probe aims to determine if firms misled regulators regarding audit quality and internal misconduct.
Why it matters
This investigation could lead to significant regulatory changes and increased oversight for global accounting and consulting giants.
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Share A A A The corporate regulator has launched a sweeping review of whistleblower complaints in all four of the major global consulting firms, as the fallout from KPMG’s auditing scandal widens.
The Australian Securities and Investments Commission told an inquiry on Friday it had commenced surveillance of audit complaints dating to July 2023 and that the review had uncovered 551 complaints about the big four audit firms.
“A company has to be able to make itself vulnerable to its auditor,” ASIC chair Sarah Court told an earlier parliamentary hearing. Alex Ellinghausen The review is focused on industry giants KPMG, Deloitte, EY and PwC. ASIC said it expected to provide an update on the probe before the end of the year.
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