M6932 Accounting Services

Trilogy takes action against KPMG, partner

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Original article by Sarah Danckert
The Australian – Page: 18 : 2-Oct-14

A lawsuit is being launched by Trilogy Funds Management against KPMG partner Jillian Richards, as well as the accounting firm. They are accused of unconscionable, misleading and deceptive conduct, in relation to the City Pacific First Mortgage Fund. Trilogy assumed management duties for the entity when parent City Pacific collapsed in 2008-09, and claims that KPMG performed a flawed audit. However, no action over the affair has been taken by the Australian Securities & Investments Commission

CORPORATES
TRILOGY FUNDS MANAGEMENT LIMITED, PACIFIC FIRST MORTGAGE FUND, CITY PACIFIC LIMITED, KPMG AUSTRALIA PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Shake-up as accountants beef up law

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Original article by Katherine Towers
The Australian – Page: 27 : 22-Aug-14

Major accounting firms PricewaterhouseCoopers (PwC), Ernst & Young (EY) and KPMG are increasingly diversifying into the legal services market, including in Australia. The local arm of the global PwC firm has appointed former King & Wood Mallesons managing partners Tony O’Malley and Tim Blue. The Australian tax dispute management practice leader at KPMG, Jeremy Geale, says its legal division will grow 100%-plus in the coming years, while EY Asia Pacific law leader Howard Adams says it will have recruited 200 new lawyers by mid-2015

CORPORATES
PRICEWATERHOUSECOOPERS, KPMG AUSTRALIA PTY LTD, ERNST AND YOUNG, KING AND WOOD MALLESONS, HERBERT SMITH FREEHILLS PTY LTD, McCULLOUGH ROBERTSON, DELOITTE LAWYERS PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, AUSTRALIA. BOARD OF TAXATION, ENRON CORPORATION

PwC revenue soars after client overhaul

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Original article by Andrew White
The Australian – Page: 19 : 23-Jul-14

Luke Sayers, CEO of the Australian operations for global accounting group PricewaterhouseCoopers (PwC), has announced revenue growth of 7% to $A1.57bn for 2013-14. The healthy demand for its services among existing clients was supplemented by the strong contribution of the Booz & Company consulting firm, acquired during the year and now known as Strategy&. Sayers also noted that PwC is creating a new unit for digital change management advice, as part of a four-year restructuring push

CORPORATES
PRICEWATERHOUSECOOPERS|BOOZ AND COMPANY (AUSTRALIA) LIMITED|MGI MELBOURNE PTY LTD

Decision will hit graduates

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Original article by Edmund Tadros
The Australian Financial Review – Page: 3 : 7-Jul-14

The Australian Government has decided to retain accounting as an occupation in demand for skilled migrants. The Department of Employment wanted to remove accounting, as it felt that there was a surplus. Universities support the retention of accounting because of their reliance on international students in the field. The two accounting bodies noted that there are shortages in rural areas and in some specialisations. Two experts said that graduates will have difficulty obtaining employment

CORPORATES
AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN WORKFORCE AND PRODUCTIVITY AGENCY, NEWCASTLE BUSINESS SCHOOL, CPA AUSTRALIA, THE INSTITUTE OF CHARTERED ACCOUNTANTS IN AUSTRALIA, AUSTRALIAN BUSINESS DEANS COUNCIL INCORPORATED, UNIVERSITY OF WOLLONGONG, AUSTRALIA. DEPT OF IMMIGRATION AND BORDER PROTECTION