551 complaints: ASIC probes Big Four audit firms over misconduct
Australia's regulator is investigating the Big Four accounting firms following hundreds of whistleblower allegations regarding confidential information misuse.
The Australian Securities and Investments Commission (ASIC) has launched a probe into thousands of internal complaints lodged against the Big Four accounting firms. Sarah Court, ASIC chair, provided testimony at a parliamentary inquiry in Sydney to clarify the scope of the investigation. She confirmed that the regulator is examining reports regarding alleged misconduct by registered company auditors, specifically focusing on the misuse or sharing of confidential information. Chris Savundra, ASIC's executive director of enforcement and compliance, noted that 551 complaints have been received so far covering the period from July 1, 2023. These whistleblower allegations surfaced after confidential board papers belonging to Lendlease were discovered being used to support bids for major audit tenders for clients Westpac and Dexus. The inquiry took place at a federal parliamentary hearing in Sydney on Friday.
