‘We lack a bit of a stick’: Mid-tier accounting firms make their move as Big Four reel from scandals
The head of one of Australia’s largest mid tier accounting networks is calling for tougher, US-style penalties for misconduct to deter the Big Four from wrongdoing.
The head of one of Australia’s largest mid-tier accounting firms is warning that the government’s crackdown on the Big Four will fail unless it introduces multi-million dollar penalties for misconduct in line with US standards.
After two of the ‘Big Four’ consulting firms KPMG and EY were hit by scandals in recent weeks, Moore Australia chair David Tomasi told Capital Brief tougher penalties were needed as current measures were not enough of a deterrent.
“If it’s a true crime there’s plenty of criminal penalties but when it’s to do with professional conduct or civil type view on things that’s where we lack a little bit of a stick here in Australia,” Tomasi said.
“You’ve got to have a system that can make sure the punishment fits the misdemeanour, or lack of proper professional judgement.”
