Regulator sanctions just 17 big four members in seven years
The main disciplinary body for the major accounting firms says it “does not shy away investigating members in the big four firms” after revealing it sanctioned 17 members from big four accounting firms during the past seven years.
Greens NSW MP Abigail Boyd has been conducting an inquiry into the state’s use of consulting services.
Chartered Accountants ANZ told the NSW inquiry into consulting that it had sanctioned 10 Australian big four members – all of whom worked at KPMG Australia – and another seven big four members from the New Zealand branches of PwC, EY, and Deloitte during the period.
The body has more than 360 disciplinary outcome notices in its database dating back to 2016, meaning sanctions relating to the big four represent about 5 per cent of its findings. This compares to the big four making up 10 per cent, or 13,700, of the body’s 137,000 members. The calculations don’t include any actions not posted in the notices database.
CA ANZ is a professional body that represents, trains and disciplines members. In return, members receive special protection that limits their legal liabilities relating to their work. Big four partners, and staff in certain roles, are obligated to be members of CA ANZ and to follow its code of ethics and bylaws.
The body received 416 complaints during 2022-23, supporting the “view that the vast majority of members [were] meeting the requisite standards,” it told the inquiry. About 66 per cent of its investigations resulted in adverse findings and/or disciplinary action.
The low number of actions taken against big four members shows CA ANZ is failing its disciplinary role, said NSW Greens MP Abigail Boyd, the member who quizzed CA ANZ about its operations.
“This is a clear case of
Read more on afr.com
