‘Engage constructively’: Big Four firms put on brave face amid government crackdown
The major professional services firms say they want to rebuild trust in the sector as the government considers a radical overhaul of their business models.
Australia’s biggest professional services firms have offered measured support for government crackdown on the sector, saying they support “many” of the proposals and want to help restore public trust.
Assistant Treasurer Daniel Mulino on Wednesday morning unveiled a fresh round of consultation into accounting, auditing and consulting firms, with proposals that could see the Big Four firms broken up or subjected to tougher regulatory scrutiny.
At a press conference held within 24 hours of reports that an EY graduate had allegedly accessed Prime Minister Anthony Albanese’s personal details while on secondment at the Commonwealth Bank, Mulino said ethical standards in the industry were “simply not good enough”.
EY Oceania chief executive David Larocca welcomed the opportunity to “engage constructively” with government on the reforms.
