ASIC Reveals 551 Audit Misconduct Complaints From Big Four Firms to Parliamentary Inquiry

The corporate regulator has told a parliamentary inquiry that major accounting firms KPMG, PwC, EY and Deloitte have reported 551 complaints about alleged audit misconduct over three years. ASIC chair Sarah Court gave evidence at the parliamentary inquiry. The Australian Securities and Investments Commission (ASIC) is investigating the big four firms after whistleblower revelations that confidential board papers from Lendlease were used to support bids for major audit tenders for Westpac and Dexus. The watchdog told a federal parliamentary hearing in Sydney that it was looking at whistleblower complaints to the big four accounting firms dating from July 1, 2023. ASIC's executive director of enforcement and compliance, Chris Savundra, told the hearing that, so far, 551 complaints had been made.