Jul 1, 2026 – 12.01amThe corporate regulator may be given the power to police and impose hefty fines on the scandal-plagued accounting sector under new federal government plans, as KPMG suffered a further blow to its senior ranks with the exit of eight top partners.A Treasury position paper into the regulation of auditing and consulting firms, released by Assistant Treasurer Daniel Mulino, said there is “strong and compelling evidence” that the big four firms need tougher regulation, given the recent scandal at KPMG, where a whistleblower alleged that the firm’s auditors had misused client data from some of the country’s biggest companies, and had used inside information to win auditing work.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
KPMG rainmaker exits as Labor flags radical reform to big four firms
The government has unveiled wide-ranging plans to crack down on major accounting firms by giving ASIC the power to police and fine firms for the first time.
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