Separation of auditing units an option after integrity issues at PwC, KPMG and EY

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.

Accounting firms could be asked to split their lucrative consulting services from their audit functions and individual firm partners could face far greater scrutiny and penalties…

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