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Revelations of rampant cheating at KPMG echo the broader decay in culture at the top of business in Australia; at the Big Four firms which advise both our largest corporations and government, indeed the firms to which government itself is being outsourced. Michael West speaks with Jeffrey Knapp.
It was hardly the venue for violence, the Joint Parliamentary Inquiry into Regulation of Audit in Australia. The Committee transcripts have now dropped and we can report on an extraordinary day in the history of audit, the day when, finally, there were calls for violence.
Why the secrecy? Most of the Big Four’s audit inspections are blacked out; huge chunks redacted by the corporate regulators. In what other field of society would multiple breaches of the law be tolerated? asks Michael West.
Rupert Murdoch’s $7 billion soufflé, a billion-dollar retirement village ruse by Lendlease, Pfizer’s Bottom of the Canal scheme, William Hill’s $55 million black hole. Michael West tenders his Dirty Dozen Top Australian audit fails in evidence to the parliamentary inquiry into the Big Four auditors.
Look who’s advising Treasurer Josh Frydenberg on tax. The Australian Government’s “High Level Advisory Panel” is stacked with five tax types from EY, three from Deloitte, five from KPMG and seven from PwC.
Quad Erat Demonstrandum
