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PROFESSION

By Jerome Doraisamy

Big 4 misconduct reports to ASIC pile up to 153

In its latest update, the corporate regulator has said it has received more than 150 reports of misconduct relating to the big four accounting firms over the past three years, up from reported figures in September.

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Corporate advisory firm blames law for stifling $70k winding-up proceedings 

PROFESSION • Carlos Tse

Following the rescission of a financial advice agreement due to a provider not holding an Australian Financial Services Licence, one company has won against claimed creditors who sought over $70,000 in allegedly unpaid fees.

Independent KPMG report confirms culture, governance and accountability deficiencies

PROFESSION • Amelia McNamara

KPMG’s response to the whistleblower matter has been identified as misguided, fragmented, prolonged, and often lacking clear ownership, following a whistleblower’s disclosure of unethical conduct and a poor speak-up culture.

Consultation a ‘tick-the-box’ exercise: Industry pokes holes in trust tax bill

PROFESSION • Malavika Santhebennur

The minimum tax on discretionary trusts bill has continued to ruffle feathers among tax professionals around the lack of consultation and technical issues.

Tags: tax, consultation

Best of corporate accounting crowned at Corporate Accountant Awards

PROFESSION • Malavika Santhebennur

The top performers in corporate accounting have been named as winners in the second annual Corporate Accountant Awards.

Accountants are putting off ML/TF risk assessment

PROFESSION • Malavika Santhebennur

Despite rating it as the new AML/CTF obligation they dread the most, a fifth of accounting and other businesses have not done their mandatory risk assessment, according to a survey.

Insolvency outlook bleak as late payments spike to 8.5-year highs

PROFESSION • Malavika Santhebennur

CreditorWatch has warned that businesses could face a heightened level of insolvency risk as mounting cash flow pressures see a deterioration in payment behaviour.

ASIC issues $4m worth of infringement notices to 21 Visy and Pratt group companies

PROFESSION • Carlos Tse

Twenty-one Visy and Pratt companies have received infringement notices, each worth nearly $200,000, after the Australian Securities and Investments Commission found that they failed to lodge their FY2024–25 financial reports.

Calls grow to hike GST rate from 10% to 15%

PROFESSION • Malavika Santhebennur

While noting that boosting GST has become a “political no-go zone”, the Grattan Institute has pushed to raise and expand it to include all food, even as cost-of-living pressures mount.

Winding up bid wins over appeals for accountant’s ill health

PROFESSION • Naomi Neilson

Medicheckr has been wound up despite submissions that its taxation faults were due to the accountant’s health issues.

30 Under 30 Awards celebrates rising stars of accounting

PROFESSION • Malavika Santhebennur

The 30 Under 30 Awards, produced by Accounting Times’ sister brand, Accountants Daily, is coming in early 2027 and is now accepting submissions and nominations from the stellar young accounting professionals of Australia.