Australia politics live: Labor makes move to crack down on consultants after latest scandal
Summary
The Australian government is proposing new rules to better control accounting, auditing, and consulting firms after a scandal at KPMG, where partners shared secret client information and mistreated a whistleblower. The plans include stricter ethical duties and possible changes in how these firms operate to restore public trust.Key Facts
- KPMG partners leaked private information from clients like Lendlease and Optus.
- This information was used by colleagues bidding for audit contracts at companies such as Westpac, Dexus, and Telstra.
- The government released an options paper with ideas to improve regulation of large consulting firms.
- Possible actions include enforcing quality management, ethical obligations, and separating different business areas within firms.
- They may also limit the number of partners, impose new governance rules, and require regular checks or rotating audit contracts.
- The assistant treasurer, Daniel Mulino, emphasized the need to restore trust and ensure firms act fairly and honestly.
- Separately, independent MP Nicolette Boele supports creating a national childhood education commission to better manage supply and safety in childcare services.
- Boele called for a clear timeline on government decisions about childcare subsidies following a pricing review by Deloitte.
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