‘Big four’ accounting firms should face banking royal commission to prove independence, former ASIC investigator says – Business – ABC News (Australian Broadcasting Corporation)

A profile shot of a smiling Glen Unicomb

I’d suggest it’s time Public Trustees were put under the microscope and it’s time for a change (ODT)

A former forensic investigator at the Australian Securities and Investments Commission (ASIC) has called for the major accounting firms hired to audit and approve sensitive company reports to be brought before the financial services royal commission to prove their independence.
Key points:

A former ASIC investigator says the accounting firms’ business model presents a conflict of interest
This comes from the firms’ expansion into advisory and consultancy work, not just auditing
A report to the UK House of Commons described a “cosy relationship” between consulting firms and collapsed construction group Carillion

via ‘Big four’ accounting firms should face banking royal commission to prove independence, former ASIC investigator says – Business – ABC News (Australian Broadcasting Corporation)