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.

Over the past four years, each of Australia’s major auditors has taken its turn depleting its own and the sector’s societal capital, each in a different way.

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.

Australia considers breaking up Big Four accounting firms to enhance oversight and restore trust after recent scandals.