PwC outs four who saw tax leak emails

June 6, 2023roymorgansocial Leave a comment

Original article by Edmund Tadros, Neil Chenoweth
The Australian Financial Review – Page: 3 : 6-Jun-23

PwC Australia has informed its partners that it has named four former partners who were named in emails in relation to its tax leaks scandal. It has also provided the Senate inquiry into consulting with the names of partners who were placed on leave in the week ending 2 June and the name of one client who PwC provided with confidential information. In addition, it has also supplied the committee with the names of an additional 63 current or former partners and staff who received at least one email containing confidential information regarding the Multinational Anti-Avoidance Law. A spokesman for Paul McNab, one of the four former partners named by PwC, says he denies any wrongdoing.

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD

Deloitte, EY, KPMG and PwC a systemic tax risk: ATO

September 12, 2019roymorgansocial Leave a comment

Original article by Edmund Tadros
The Australian Financial Review – Page: 6 : 12-Sep-19

Australian Taxation Office second commissioner Jeremy Hirschhorn has told the big four consulting firms that they can longer act as if they are boutique operations. Hirschhorn has been speaking to Deloitte, EY, KPMG and PwC in recent weeks, and has been telling them to rein in what he describes as a small number of arrogant tax partners that Hirschhorn contends are trying to disrupt the tax system with excessively risky advice. The big four firms have hundreds of tax partners; it is understood that the number of partners that the ATO views as problematic is in the "low dozens".

CORPORATES
AUSTRALIAN TAXATION OFFICE DELOITTE TOUCHE TOHMATSU LIMITED PRICEWATERHOUSECOOPERS KPMG AUSTRALIA PTY LTD ERNST AND YOUNG

Big four in ASIC sights over audits

September 10, 2019roymorgansocial Leave a comment

Original article by Michael Roddan
The Australian – Page: 1 & 2 : 10-Sep-19

Confidential audit inspection reports obtained under freedom of information laws reveal the Australian Securities & Investments Commission’s concern about the quality of audits being undertaken by the major accounting firms. ASIC has been trying to restore investor faith in the quality of financial reports over the past year, due to concerns that a decline in the quality of auditing could contribute to damaging company collapses. The release of the reports comes as the major accounting firms face parliamentary scrutiny over a range of issues, including poor quality audits and conflicts of interest

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION MYER HOLDINGS LIMITED – ASX MYR SEVEN WEST MEDIA LIMITED – ASX SWM ORICA LIMITED – ASX ORI GENWORTH MORTGAGE INSURANCE AUSTRALIA LIMITED – ASX GMA PRICEWATERHOUSECOOPERS ERNST AND YOUNG KPMG AUSTRALIA PTY LTD DELOITTE TOUCHE TOHMATSU LIMITED

KPMG chair: chiefs should admit to errors

January 3, 2018roymorgansocial Leave a comment

Original article by Damon Kitney
The Australian – Page: 13 : 3-Jan-18

New KPMG chairwoman Alison Kitchen has urged corporate Australia to be more proactive when it comes to condemning bad behaviour within its ranks. Kitchen says companies should not wait for whistleblowers to disclose their problems, and that the community is tired of businesses not being prepared to own up to their mistakes. She says that if companies were willing to admit they had problems and had taken steps to fix them, that this might help to restore a level of community trust in the business sector.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, CALTEX AUSTRALIA LIMITED – ASX CTX, DOMINO’S PIZZA ENTERPRISES LIMITED – ASX DMP, RETAIL FOOD GROUP LIMITED – ASX RFG, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Big four advisory firms ramp up climate practices

September 2, 2015roymorgansocial Leave a comment

Original article by Agnes King
The Australian Financial Review – Page: 13 : 2-Sep-15

Big four professional services firms are expanding their climate change and sustainability practices. At EY, the acquisition of boutique consultancy Net Balance in 2014 increased its domestic sustainability practice from 90 to 160 staff. KPMG has developed a tool to quantify the value of an asset when social and environmental impact is taken into account.

CORPORATES
KPMG AUSTRALIA PTY LTD, ERNST AND YOUNG, SUSTAINABLE BUSINESS AUSTRALIA (SBA) LIMITED, NET BALANCE MANAGEMENT GROUP PTY LTD

Deloitte’s dumping of performance reviews leaves employees ecstatic

July 29, 2015roymorgansocial Leave a comment

Original article by Agnes King
The Australian Financial Review – Page: 14 : 29-Jul-15

Big four accounting firm Deloitte Australia will completely phase out traditional twice-yearly employee performance reviews by mid-2016. The firm is testing a new system of ongoing performance appraisals in its audit, risk and consulting divisions, which employ about 1,500 people. Deloitte will eventually roll out the new system for all 6,000 employees. Fairfax Media CEO Greg Hywood also favours a system of continuous performance appraisal.

CORPORATES
DELOITTE TOUCHE TOHMATSU LIMITED, FAIRFAX MEDIA LIMITED – ASX FXJ, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, MICROSOFT CORPORATION, ACCENTURE AUSTRALIA LIMITED, SEEK LIMITED – ASX SEK, CISCO SYSTEMS INCORPORATED

PwC woos lawyers with its promise of growth

March 6, 2015roymorgansocial Leave a comment

Original article by Katie Walsh
The Australian Financial Review – Page: 33 : 6-Mar-15

Australian accounting firm PricewaterhouseCoopers is continuing to recruit lawyers for its legal practice. The firm is targeting the corporate advisory, tax, workplace relations, projects and finance, and regulatory sectors of the legal market. The legal practice is headed by former King & Wood Mallesons partners Tony O’Malley and Tim Blue. Other major accounting firms are also expanding into legal services

CORPORATES
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, KING AND WOOD MALLESONS, MALLESONS STEPHEN JAQUES, TELSTRA CORPORATION LIMITED – ASX TLS, GILBERT AND TOBIN LAWYERS, KPMG AUSTRALIA PTY LTD, MADDOCKS LAWYERS, DELOITTE LAWYERS PTY LTD, AUSTRALIA. BOARD OF TAXATION

Firms count on confidence

November 28, 2014roymorgansocial Leave a comment

Original article by Chris Merritt
The Australian – Page: 21 : 28-Nov-14

Commonwealth Bank of Australia has issued its first "Accounting Market Pulse" survey, commissioned from Beaton Research + Consulting. The findings for September and October 2104 indicate that accounting firms in all states except South Australia predict revenue to increase. The ratio of respondents stating that trading conditions are positive is net 15%, while that of firms forecasting the same for 2015 is 50%. This is better on both counts than for law firms, with researcher George Beaton noting that accounting groups offer a wider range of services to their clients

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BEATON RESEARCH AND CONSULTING PTY LTD

Regulator eyes bloated goodwill

November 17, 2014roymorgansocial Leave a comment

Original article by Ben Butler, Sarah Danckert
The Australian – Page: 22 : 17-Nov-14

A growing number of Australian-listed groups, especially in the private education and health services sectors, show excessive levels of goodwill. Those with a ratio of 70% or above on their balance sheets include Affinity Education, Vocation, Primary Health Care, iBuy Group, Vision Eye Institute, Allmine, Asaplus Resources and G8 Education. The issue has prompted a warning to companies about increased scrutiny of such accounting claims by the Australian Securities & Investments Commission

CORPORATES
AFFINITY EDUCATION GROUP LIMITED – ASX AFJ, VOCATION LIMITED – ASX VET, PRIMARY HEALTH CARE LIMITED – ASX PRY, IBUY GROUP LIMITED – ASX IBY, ASAPLUS RESOURCES LIMITED – ASX AJY, G8 EDUCATION LIMITED – ASX GEM, VISION EYE INSTITUTE LIMITED – ASX VEI, ALLMINE GROUP LIMITED – ASX AZG, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FIL INVESTMENT MANAGEMENT LIMITED, FIDELITY AUSTRALIAN EQUITIES FUND, K CAPITAL PTY LTD, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED, ENDEAVOUR COLLEGE OF NATURAL HEALTH, BAWM GROUP PTY LTD, ASPIN PTY LTD, PERPETUAL LIMITED – ASX PPT, FORGE GROUP LIMITED, LIVINGSOCIAL

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