ACCOUNTING FIRMS – AUSTRALIA

KPMG prepares for big job losses

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Original article by Edmund Tadros, Hannah Wootton
The Australian Financial Review – Page: 13 : 15-Jul-26

A spokesman for KPMG Australia has advised that the firm is reviewing its operating model, workforce needs and cost base. Significant job cuts are expected in the wake of KPMG’s audit scandal, and the firm’s management is believed to be looking at cutting several hundred jobs; however, sources have indicated that the firm could potentially shed up to 1,000 jobs. KPMG is also said to be planning to reduce its partners’ remuneration for 2026-27 by up to 20 per cent. The firm has 700 partners and about 9,000 employees.

CORPORATES
KPMG AUSTRALIA PTY LTD

KPMG referred to national anti-Corruption watchdog

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Original article by David Ross
The Australian – Page: 13 & 19 : 17-Jun-26

Greens senator Barbara Pocock has referred KPMG to the National Anti-Corruption Commission in response to the accounting firm’s audit scandal. Pocock is concerned that KPMG may have breached the Commonwealth Supplier Code of Conduct, while she contends that a temporary ban on new public contracts is inadequate. The three-month ban does not apply to extensions on existing contracts; KPMG holds some $653m worth of public contracts with the federal government. Pocock is a vocal critic of the nation’s four major accounting firms.

CORPORATES
KPMG AUSTRALIA PTY LTD, AUSTRALIA. NATIONAL ANTI-CORRUPTION COMMISSION, AUSTRALIAN GREENS

PwC outs four who saw tax leak emails

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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

PwC behind 15 schemes to help companies sidestep tax: ATO

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Original article by Neil Chenoweth, Edmund Tadros
The Australian Financial Review – Page: 1 & 6 : 31-May-23

Tax Commissioner Chris Jordan appeared before a Senate estimates hearing on Tuesday, where he discussed the ongoing PwC tax leaks scandal. Jordan revealed that the Australian Taxation Office had become aware in late 2017 that PwC partner Peter Collins had used confidential Treasury information to develop a large number of schemes to help multinational companies to evade new tax laws. However, he said that outdated secrecy laws had prevented the ATO from informing the Treasury. Jordan also disclosed that the ATO had told the Australian Federal Police about the leaks in 2018. The Treasury recently referred the tax leaks scandal to the AFP.

CORPORATES
AUSTRALIAN TAXATION OFFICE, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, AUSTRALIAN FEDERAL POLICE

KPMG review into bungled census ‘compromised’, says whistleblower

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Original article by David Marin-Guzman, Edmund Tadros
The Australian Financial Review – Page: 3 : 29-Jun-18

Harmers Workplace Lawyers is taking legal action against KPMG and three of its senior executives on behalf of former associate director James Eldridge. KPMG has been accused of taking adverse action against Eldridge; he was dismissed as a result of complaints he made about KPMG’s review of the Australian Bureau of Statistics’ IT systems following the flawed 2016 census. Eldridge is said to have told KPMG that he felt that the review was not accurate or independent. KPMG has denied his allegations, and has stated that his dismissal was for "appropriate reasons".

CORPORATES
KPMG AUSTRALIA PTY LTD, HARMERS WORKPLACE LAWYERS, AUSTRALIAN BUREAU OF STATISTICS, DELOITTE TOUCHE TOHMATSU LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Why lawyers are deserting partnerships

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Original article by Katie Walsh
The Australian Financial Review – Page: 11 : 18-Aug-17

Law and accounting firms are increasingly moving away from the partnership structure in favour of a corporate model. John Chisholm, previously with both Maddocks and Middletons but now a consultant, says the need for consensus decisions among partnerships tends to lead to reduced creativity and innovation. The advantages of a corporate structure include reduced liability and greater ease in raising funds. Danny Gilbert of law firm Gilbert + Tobin notes that partnerships promote a sense of co-ownership, while the corporate model allows for quicker decisions.

CORPORATES
MADDOCKS LAWYERS, MIDDLETONS LAWYERS, GILBERT AND TOBIN LAWYERS, AUSTRALIAN TAXATION OFFICE, K&L GATES LLP, LEXOO, KEYPOINT LAW PTY LTD, LEGAL VISION, PHI FINNEY MCDONALD PTY LTD, SLATER AND GORDON LIMITED – ASX SGH, HWL EBSWORTH PTY LTD, BAKER AND McKENZIE, THE LAW SOCIETY OF NEW SOUTH WALES

Howcroft tunes in to PwC marketing

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Original article by Jake Mitchell
The Australian – Page: 21 : 13-Dec-16

TV executive and "Gruen" panellist Russel Howcroft will become chief creative officer at PricewaterhouseCoopers in early 2017. Howcroft has been the executive general manager of the Ten Network’s Melbourne operations for four years, while he also chairs the Think TV lobby group. PwC has hired several other former advertising industry executives in recent months.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, THINK TV, OGILVY AUSTRALIA, TBWA, CLEMENGER BBDO (BRISBANE) PTY LTD

Big four advisory firms ramp up climate practices

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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

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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

Law firms’ new threat: accountants

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Original article by Agnes King, Katie Walsh
The Australian Financial Review – Page: 1 & 41 : 22-Jul-15

Australia’s four major accounting firms are aggressively expanding into the legal services sector. Ernst & Young has assembled a 16-strong team of lawyers in Australia, while PricewaterhouseCoopers boasts about 120 lawyers. In the past, accounting firms have tended to focus on areas such as tax litigation, but they are increasingly expanding into areas such as property and employment law. There is speculation that this trend may prompt some law firms to give more of their accounting work to smaller firms at the expense of the "big four".

CORPORATES
ERNST AND YOUNG, PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, KPMG AUSTRALIA PTY LTD, BAKER AND McKENZIE, ASHURST AUSTRALIA, K&L GATES LLP, DLA PIPER, KING AND WOOD MALLESONS, BEATON RESEARCH AND CONSULTING PTY LTD, BAR COUNCIL OF INDIA, SOCIETY OF INDIAN LAW FIRMS