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Australia's corporate regulator ASIC has initiated a review of audit conduct complaints across the Big Four accounting firms following allegations that KPMG misused confidential client information to secure audit contracts.
Australia's government is exploring a fundamental restructuring of its Big Four accounting firms following repeated scandals. Proposals include forced separation of audit and consulting divisions and stricter federal oversight.
Australia's ASX has admitted to making misleading statements about progress on its troubled CHESS software upgrade and agreed to pay A$20.5 million in penalties, subject to Federal Court approval.