How a sleeper issue inside the big four accounting giants could topple the economy

How a sleeper issue inside the big four accounting giants could topple the economy | 7.30

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10 ай бұрын

Questions around the big consultancy firms continue.
ABC Investigations' Adele Ferguson looks at the business of financial auditing, which is a significant part of their practices, and concerns over declining standards and conflicts of interest.
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Пікірлер: 245

@plkarthi 9 ай бұрын

Huge respect for whistle blowers who go through immense personal sacrifice for the good of society.

@curtisloftis6003 9 ай бұрын

The big 4 has two goals; limit THEIR risk and increase THEIR profits. The great scam commonly called ESG has deep roots in the Big Four and the other large consultancies...they've all perpetuated the great myth behind ESG and have profited handsomely by turning a blind eye to the shoddy science, dodgy legal reasoning and the resulting income inequality.

@paddobs 9 ай бұрын

In the US since the Enron scandal, the Big 4 are not allowed to consult at any company where they audit. It's amazing that Australia doesn't follow this basic standard. What happens in practice is that a Fortune 500 company will have 1 Big4 firm for audit, and use one or more of the other 3 for consulting and advice. I'm entirely in favour of Professor Fell's suggestion to just split the business.

@nkelly.9 9 ай бұрын

The answer to why we are so far behind the eight ball....the morrison/freydenbourgh rort show. They implemented negative two of the Royal Commission in to banking recommendations.

@andrewthomas695 9 ай бұрын

@@nkelly.9 Got to keep their donators happy. In truth, Australia is more of a monetocracy than a democracy.

@K-wx6ki 9 ай бұрын

They can still provide consulting just separate divisions

@CobraPR893 2 ай бұрын

They are allowed in the US under certain conditions. Big 4 are the ones who Wright many laws.

@andrewthomas695 9 ай бұрын

This is what happens when you privatise the public service. The word "oxymoron" is apt. But what I can't decide is if our so called leaders are utterly corrupt or utterly stupid. But it is definitely one of these. If Australia truly was a country ruled by law, they'd be handing out jail terms. But it isn't, and they won't. What more do we need to see to prove to Australians that our country is systemically corrupt. As an Australian citizen, I am sickened by the stench of this.

@johncooper5870 9 ай бұрын

Downsizing the PS was coup for corruption and a disaster for Australian's, it removed a long thread of many honest highly experienced and talented real public servants and centralised enormous power into a few peoples hands. As we witnessed with Morrison's secret grab to control multiple portfolios this cost Australian taxpayers many fortunes. Interesting that less than 1% of our population is Pentecostal but the LNP is about 20% of the party? Was this a long term plan?

@lours6993 9 ай бұрын

You left out a third option: lazy opportunism. The neoliberals downsized the public service as an ideological virtue signal to their base which is composed of 'low information voters' and corporate oligarchs. Once downsized, incumbent neoliberals now need to find someone who knows something and is willing to work hard (they themselves have neither quality): enter the 'management consultants.' This is an animal bred to work hard in the vain hope of one day becoming partner, pleasing the customer and above all, taking all the little falls along the way on behalf of the customer (the government). The finance department is happy as, bizarrely, to them, the worst thing you can do is make the commitment of actually employing experts to build up competence; no that is staff cost!!. Far better, 'non-FTE operational expenditure' - i.e. consulting!! A long lazy slide into mediocrity and disaster....

@coasterblocks3420 9 ай бұрын

@@johncooper5870I’m curious and concerned that the media refuse to investigate whether Morrison’s secret portfolio grab was part of his belief in the 7 mountains/pillars doctrine - the theocratic takeover of government and society to implement biblical law.

@tdang9528 9 ай бұрын

This is not a problem, you just need to raise interest rates to 8% or let the economy do this for you. Nothing is bigger than the invisible hand of God.

@coasterblocks3420 9 ай бұрын

@@tdang9528 god-bothering doesn’t really fly in Australia thankfully.

@LordandGodofYouTube 9 ай бұрын

This whistleblower is a hero that gives me faith in humanity.

@davelahn1768 9 ай бұрын

And we're told unions are the problem 😂

@randomsomeguy156 9 ай бұрын

When in doubt, and in need of money, union bust!

@davidbrayshaw3529 9 ай бұрын

Yes, especially in the building industry. Three Royal Commissions and nothing. All smoke and mirrors designed to deceive. And how does the building industry look, these days? The worst that it has in the history of this country. From the level of sheer incompetence to outright criminal conduct and fraud, it's never been worse. Yet another legacy of the Howard government. And by the way, I'm a long way from being what you would call a unionist.

@CLEFT3000 9 ай бұрын

They’re the salvation

@whitneyanders5945 9 ай бұрын

Yes, unions are great but the public has been brainwashed into thinking they are bad.

@richardcollis5576 9 ай бұрын

There’s more support for unions uk the im now then ever before, let’s hope that happens here

@neilwang2595 9 ай бұрын

As an accountant myself, I’m saddened to see how rotten Australian tax system is. Wish the ATO could be more strict.

@theadventuresofzoomandbettie 9 ай бұрын

government focus pushing the ato has been too focused on the little guys than the big corporate end of town for at least a decade. imagine the money they could be raking in by focusing on where the big end of town has been trying to swindle them.

@Philipp31415 9 ай бұрын

Having been a partner of several Big4 (not in AUS), this is nothing new for anybody with the slightest bit of insight. It’s more of an indictment of lawmakers and regulators. Since partners are not personally liable anymore, all this has been eminently predictable.

@andrewthomas695 9 ай бұрын

I spent 10 years working for a global consultant. None of this surprises me either. Pigs with their heads in the trough barely describes the depravity. And as for our lawmakers and regulators, they seem more interested in making corruption legal rather than preventing the transition of tax payer funds into private wealth. There was a time when such behaviour was considered corruption. Now its called a contract.

@Madracer09 9 ай бұрын

This is unfortunately the typical whistle blower story, public or private. I blew the whistle on a Government Dept in Tasmania who falsely told Tasmanians what the building laws were, told licenced stakeholders to lie to their customers to cover up bad legislation until it could be amended, and acted contrary its own law, yet I was pushed out and bullied me for four years. My advice, see something wrong, find another job and move on.

@andrewthomas695 9 ай бұрын

For what it's worth, my sincere thanks for your courage, and, as a citizen, my sincere apologies for what you've been put through.

@elizdonovan9219 9 ай бұрын

Nothing will improve for public accountability anywhere in the world, until Jo and Josephine citizen rise up as a body, march on governments and demand that whistle blowers be not made worse off in their lives after the whistle blowing than they were prior to their whistle blowing. They should be protected by law, not as in many cases, have their lives and health destroyed. To whistle blow, one needs to know that your life will drastically change in ways you never expected. Good luck to all whistle blowers and saying thank you for your service is cold comfort. I know. ☘️🌝🌲

@Spacemonkeymojo 7 ай бұрын

That seems like some pretty sound advice, as sad as it is.

@BangBangBang. 9 ай бұрын

US citizen here. If you don't control the financial sector, you'll get a Global Financial Crisis (GFC). We had one 15 years ago and are trying to cover up another GFC right now by trying to redefine the word "recession"

@CatsandJP 9 ай бұрын

I worked for a large sandblasting and industrial spray painting firm who did mining shut downs, shopping centres, stadiums etc as their accountant and when they had a change of partnership due to 2 owners retiring the remaining partners eventually asked me to falsify invoices, wages P&L and balance sheets etc…..this was when the owners were buying goods for their own personal gains, they offered me money, bonuses, a company car plus I could put whatever I wanted on hardware accounts and other suppliers they used….there was no way I was going to fall for that or comply because if anyone was going to cop the blame and the consequences it would be me….so I left and I was threaten by them if I told anyone because they would discredit me as a CPA.

@ponzitizen 9 ай бұрын

Salute to all those bringing corruption and abuse of taxpayers into the light and pushing for immediate action. Hopefully the government do something major here before people lose complete faith in the government...

@David-lr2vi 9 ай бұрын

The media is only doing this because we have a Labor government. If we still had a Liberal government you would have heard nothing about it!

@whitneyanders5945 9 ай бұрын

Highly unlikely. The APS is obsessed with giving top jobs to big 4 consultants and partners. The Aussie media is also really good at brainwashing people into voting against their best interests and convincing the public that what is bad for them is actually good. Besides ABC, the mainstream media has pretty much forgotten all about this big 4 rort.

@OwenMiller9825 9 ай бұрын

What wasn't mentioned was that the shareholders typically get to vote on the choice of auditor. Whenever it's PwC, Deloitte, KPMG or Ernst & Young, I always vote against it.

@bluemm2852 9 ай бұрын

It is high time to break up these predatory corporations!!! I am SICK of these psychos reaping massive profits and never giving back! Stuff the lot of em!

@creativeproducer9035 9 ай бұрын

Why would any ordinary Australian ever want to pay another cent in tax when they get to watch billions systematically rorted like this and billions more avoided in offshore schemes by global corporates and the ATO does absolutely nothing and the corporate watchdog does nothing either 🙄

@friendlychat34 9 ай бұрын

Exactly. And as a younger person in general, when we look at this country and how the odds are stacked against us, how on earth can we have faith in it, or our leaders?

@TheOriginalDeckBoy 9 ай бұрын

What the world really needs is to decide to ban all Tax Havens, Shell and Shelf Corporations, Numbered Bank Accounts and a new AI driven international auditing system that scrutinises the flow of money to identify who is up to dodgy practice. It's high time this happened then the big 4 and the banks would have no choice but to comply...

@ThisFinalHandle 9 ай бұрын

There needs to be accountability and consequences, not this closed book BS. Otherwise the public loses complete faith in the system and the next lot of crooks become even more emboldened.

@andrewthomas695 9 ай бұрын

Perhaps the time has come for people to lose faith in the system. A necessary first step in correction.

@0401412740 9 ай бұрын

Management are cooking the books

@realdbsoflondon3165 9 ай бұрын

My heart goes out to the whistle blower. Especially as the game is rigged at every level. I hope the government has the courage to take on the problem, as they and the people they serve are the biggest victims.

@CLEFT3000 9 ай бұрын

Please keep reporting on his case!! A true hero

@DPK12 9 ай бұрын

Consider the millions wasted by Australian local governments on “advice’ from some of the big 4. Only to advise on solutions they sell. Gov auditors asleap at the wheel

@hunterthompson6574 9 ай бұрын

Excellent reporting Adele

@robertwalker1079 9 ай бұрын

Where is CAANZ in all of this?? The fundamental structural flaw in audit has been there for 30 years. The response has been to make accounting and audit standards more and more complex. The result is that only massive firms can give the appearance of compliance meaning that they benefitted from their own misfeasance.

@andrewthomas695 9 ай бұрын

Political donations are money well spent.

@whitneyanders5945 9 ай бұрын

All the study one has to do on ethics for a professional accounting degree and this happens. And I agree that standards are getting more and more complex which means that a lot of work gets outsourced to the Big 4. It’s all just one big money making scheme where they can privatise the profits and socialise the losses.

@robertwalker1079 9 ай бұрын

@@whitneyanders5945 People assume they know what the Big 4, being international networks, know what they are doing. Wrong assumption. For example the Carillion disaster in the UK had KPMG 's fingerprints all over it. Then there was Silicon Valley Bank of recent memory - billions lost. But they pale into insignificance when South Africa is considered. KPMG was involved in business dealings which were deeply reprehensible and which now threaten the existence of the state. CAANZ and its ilk is directly responsible for the current state of affairs.

@whitneyanders5945 9 ай бұрын

Wow! Wasn’t aware of any of that. How despicable

@ThexBorg 9 ай бұрын

Australian corporate culture. Accounting cartel. Banking cartel Supermarket cartel Mining cartel Ausmedia cartel. Retail cartel Energy market cartel No competition. Any competitors are taken over by the cartel.

@davidbrayshaw3529 9 ай бұрын

No, it's Australian Liberal government culture.

@Exli3r 9 ай бұрын

@@davidbrayshaw3529don’t you mean pseudo-liberal since real economic liberals are anti cartel / monopoly / duopoly etc. which are anti-competition

@jessl1934 9 ай бұрын

Capitalism always leads to accumulation. Cartels and monopolies are simply the end result of how our economic system operates.

@ThexBorg 9 ай бұрын

@@jessl1934 The result is what this story is about. Endemic corruption, rorts and rip-offs while the taxpayer pays to clean up the mess.

@davidbrayshaw3529 9 ай бұрын

I presume that you are not resident in Australia. Our conservative government, here, is called the Liberal Party. Once upon a time, they stood for the betterment of all Australians. Now, it's all about servicing their political donors and upholding the principles of the likes of Reagan and Thatcher. Half of them would sell their own mothers if it meant a donation to the party or a cushy consultancy job upon retirement.@@Exli3r

@jamesl5776 9 ай бұрын

Will only a Royal Commission fix this?

@nkelly.9 9 ай бұрын

Clare O'Neil, what an impressive individual in an impressive team fighting to make sure our money is managed competently. Makes for a refreshing change when contrasted with the morrison/frydebourgh rort show we had .

@raymondfrye5017 9 ай бұрын

Define 'rort show'

@presidentxijinpingspoxdoct9756 9 ай бұрын

It will be Australia's massive debt problem that will topple the economy. But hey, keep printing money and increasing government spending and let the kids worry about the ramifications.

@ADayInTheLifeOfJames 9 ай бұрын

100% the great housing Ponzi leading the way down ⚓️

@marktaylor3802 9 ай бұрын

Why has a conflict of interest ever been accepted!

@davidbrayshaw3529 9 ай бұрын

Liberal governments. Anything else that I can help you with?

@TrekVenture1408 9 ай бұрын

Very insightful!

@craigcullen4171 9 ай бұрын

Tony Watson your a legend. A man of true courage to stand up for all Australians and what we are due by these companies operating here and profiting off our backs . Thank you

@meljames172 9 ай бұрын

ASIC is more interested in harassing a financial planner who may have not quite dotted the i's and crossed the t's on a piece of paperwork, rather than investigating poor audit work by the Big 4. Why? You never know where your next position is coming from. The required checks and balances are missing, and self-regulation of these firms will lead to a catastrophic financial mess. There is corruption in Australia, we are just better at covering it up. Time for a change.

@justadam1917 9 ай бұрын

Thank you ABC

@davidjma7226 9 ай бұрын

In the GCC a couple of months ago one of the big four had a $272m judgement against it for a poor audit of an investment company. They kept it very quiet, but we, who live there know who they are!

@fromhigherground4272 9 ай бұрын

Which one?

@torgo_ 9 ай бұрын

just sounds like business as usual. any time i've done work in engineering or the public sector, there are hundreds of thousands of dollars that disappear off the ledger. the fact that this was noticed, and that action was taken, is an exception to the rule. this kind of behaviour is just standard procedure. and even when they get caught, the people at the top rarely get anything more than a slap on the wrist.

@benphilippi9325 9 ай бұрын

it's obvious that these auditors are not reliable, the markets should take this into account and question the big 4 auditors. Theres room for reputable auditors to take their place. Agree on consulting/auditing separation. laws need to be in place to limit not only ownership but also communication/collusion between autitors and consultants to prevent companies just creating a subsidiary consulting firm.

@counterleo 9 ай бұрын

Funny how I am learning Audit Assurance with ACCA right now, and I am being taught all about these corporate governance best practices and ethical standards and safeguards to threats to independence and everything, while the Big 4 literally breach them

@bonga4929 9 ай бұрын

It's very disturbing the ethics and professionalism and what a view drummed into our heads is total waste of time if the very same values are never embraced

@antonychipman3088 9 ай бұрын

Gr8 reporting and omFg!!

@user-cq2ek1qm8w 9 ай бұрын

Thanks You

@CilVine 8 ай бұрын

Really informative. Thanks.

@1-teddy612 9 ай бұрын

Fantastic Job!!!

@user-hi4xd4yt1b 9 ай бұрын

Where is the federal police when you need them

@gremics-gallery 9 ай бұрын

Are they an affiliate of KPMG? It seems that what the defence force is, it makes sense that the Feds are as well. ROYAL COMMISSION INBOUND.

@AC-le9wv 9 ай бұрын

The culture is slowly but surely change in the big-4, just look the types of people working in those companies now.

@CLEFT3000 9 ай бұрын

Keep going whistleblowers! The tide is turning in your favour & people are FED UP. Or they’re now financially crunched like never before & with a lot less resilience. The tide is turning, everyone please speak up

@andrewthomas695 9 ай бұрын

I live for the day when a whistleblower is awarded an Order of Australia or similar award. I find it profoundly disturbing how we currently treat them, and wonder if this is yet another example of systemic and institutionalized corruption that has bread the current abominable behaviour from our so called leaders.

@CLEFT3000 9 ай бұрын

@@andrewthomas695 💯 well said - will only happen if we push it & I’ve got confidence people (beyond the long read in minority) are beginning to pay attention. As economic circumstances tighten, so does the noose around the necks of these parasites.

@HaloX999 9 ай бұрын

8:21.... PWC was best rated? Audit of auditor missed the biggest scandal of life time!

@tfsupp 9 ай бұрын

Have a look at the formation of KFPW (Knight Frank Price Waterhouse) and its billion dollar business after the purchase of the federal government property business for $200K, guaranteed government contracts for 5 years including tax, fed police, ASIO & Foreign Affairs. Heads of government property group became directors and the top level management. It used insider planted staff to obtain NAB & Telstra contracts. PWC was forced to sell to United Group Services by the USA government change in rules not allowing Audit companies to also be services providers, what has happened to allow this again. There was also talk that it would happen in Australia in the early 90's thus the sale.

@rhysallen2255 9 ай бұрын

Thank you for your sacrifice Tony!

@francisbrooks8533 9 ай бұрын

Things are spiralling out of control. Certain industries have become too large a fraction of the economy and hold us all at ransom. We are in a lot of trouble.

@detectiveofmoneypolitics 9 ай бұрын

Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank ❤

@civokajlebed6824 9 ай бұрын

The function of Government is to extract your money from you and give it to private interests via taxation - Jullian Assange

@andrewthomas695 9 ай бұрын

What was once considered stealing is now called a contract. If it wasn't so vile, it'd be funny.

@BsktImp 9 ай бұрын

Consultants auditng their clients; what could possibly go wrong.

@richardtuxford1812 9 ай бұрын

Is there no legal recourse for investors when an auditor has failed such as in the KPMG/Downer case

@Madracer09 9 ай бұрын

You cannot privatise any policing role. Just look at building surveyors. Point proved.

@sjamesholland 9 ай бұрын

Pretty sure the ALP's and LNP's ineptitude is going to topple the economy... but good for them, they found a scapegoat.

@kevlee80rudals 9 ай бұрын

Yep…say what you will about American politics, they run the world with efficiency and intent compared to our politicians. They plan far ahead, pieces already in place, it’s basically their game board and rules fortified with powerful allies. I wouldn’t bet on China ever eclipsing America, this is Japan on repeat. However even during its peak the Soviet Union was never much more than half the size of America so China will still challenge America aplenty.

@embracedmadness 9 ай бұрын

Or companies could start paying their fair share of tax.

@davidbrayshaw3529 9 ай бұрын

This is the legacy of John Howard. This is the result of a "smaller, more efficient public service", "less regulation", and "less red tape".

@Shards7800 9 ай бұрын

Liberal government is the only reason this has happened.

@sjamesholland 9 ай бұрын

The complete lack of economic or energy policy combined with wrapping up industry in pointless red tape alongside a failure to lead is astounding.

@alisv4817 9 ай бұрын

The government departments should never employ an employee of a company which they have dealt with in their business operations. There should be a blanket ban in order to prevent and avoid conflicts of interests. The government should be accountable for these fraudulent loss of hard earned tax payers money.

@historychannel365 9 ай бұрын

Break up these predatory corporations immediately! I'm TIRED of these sociopaths making enormous riches while never giving anything back! Stuff all of them!

@gavinkitchen1472 9 ай бұрын

Would it make a difference Staff at these Accounting Firms, already have relationships with staff from other Accounting Firm. There are regular events that give staff at all these firms chance to mingle. There are Week long events such as the Accounting Games, & the Corporate Games. They do various Sports at these Games, such as running, touch football, tennis, cricket, just to name a few. There is drinking at the end of the day, & they stay in local Hotels. These four big Accounting firms also compete in various competitions, such as touch & indoor cricket. I've also seen many cycling groups where, the names of KPMG, Ernst & Young, Delotites, & PriceWaterhouseCoopers - is emblazoned on their suits. One of these riding groups I see regularly at a Coffee Shop, includes riders from KPMG Deloittes & Ernst & Young.

@Atlastheyote222 9 ай бұрын

Privatising public services is antithetical to the entire point of public services. I think the entire country is finally figuring this out

@StuartS-qe7yp 9 ай бұрын

None of this surprises me, I once worked for a Big 4.

@theconqueringram5295 9 ай бұрын

It's stories like this that make me wish there was a way to fetter corporate power.

@timbd87 9 ай бұрын

Deb O'Neil fighting the big 4, while labor is still taking donations from them. Conflict of interest?

@harryritchie7367 9 ай бұрын

The Defence accusation on KPMG is untrue

@madguitarist63 9 ай бұрын

EY tried to split, but got held hostage by US tax accountants 🤷‍♂️

@ThatAnnoyingStepdad 9 ай бұрын

For years KPMG have had conflicts of interest and controversial practices, receiving fine after fine after fine yet nothing ever changes

@db417 22 күн бұрын

The problem with the auditing profession is that the firms, wether big 4 or Top 10, are more interested in maintaining their margins than actually doing an in-depth job. As a result, staffs rush over the murkier aspects without giving them much thought since thinking costs time and results in inefficiencies.

@timhocking529 9 ай бұрын

Should be a different auditor every year. Should be too separate audits done by different auditors every year. Auditing companies should only audit. There should be strongly enforced integrity, conflict of interest and accountability laws.

@sutats 9 ай бұрын

Truth will out.

@musclehead6482 9 ай бұрын

Audit reports on AFS use the words “Report of Independent auditors” you can NEVER be independent if your client is paying your fees!

@mmatheson3144 9 ай бұрын

How could these amazing corporations do this??? How??😢

@andrewthomas695 9 ай бұрын

It comes down to their purpose. There was a time when the purpose of corporations was to provide a mechanism to deliver services cheaply and effectively. However, over the decades since neo-liberalism was introduced to the world by Thatcher and Reagan, this purpose has shifted from provision of services and profit as a by-product, to one of just profit (irrespective of means). Once this becomes the mindset, then such behaviour becomes both logical and justifiable in a reductive sense. And with such a mindset, it is inevitable you will see those with little moral scruples get rewarded and promoted. There is a reason why greed is cited as a serious sin in ancient texts. Sadly, we now have a society that sees naked ambition and obscene wealth as a virtue, irrespective of how it is come by. Ipso-facto, systemic corruption.

@lindsaysmith8119 9 ай бұрын

Its called greed

@JamesFFiT 9 ай бұрын

Hope you get paid squillions in compensation mate. Unfair dismissal is not on, especially for being a whistleblower! Proud of you for standing up for everyone’s tax and the law. Go work at the ATO tax counsel.

@matt_ttam 9 ай бұрын

Quis custodiet ipsos custodes?

@gnir81 9 ай бұрын

Why spare McKinsey, BCG and Bain from this scrutiny?

@d1p70 9 ай бұрын

LOL me watching this as a KPMG consultant!

@nerdy_dav 9 ай бұрын

Who audits the auditors?

@kapetannemo 23 сағат бұрын

In Serbia, something like this is not possible because it is prevented by laws. The principle "THE TREASURER CANNOT MAKE AN INVENTORY OF HIS OWN CASHIER" is valid in the Law on Accounting and Auditing of the Republic of Serbia, and this is CALLED A CLEAR AND ILLEGAL CONFLICT OF INTEREST in that law. There is a Republic State Audit Office which is the only one authorized to audit both the public sector and the private sector of the economy, with the fact that it is possible to hire a neutral foreign audit house for auditing the public sector and compare its audit data with the results of the audit of the State Audit Office.. If it turns out that they do not agree, then the Commercial Court is competent to hire an Auditor from its list of court-authorized experts who will do the super-audit, and then the Court gives the final word on it.

@SR-gy1mi 9 ай бұрын

Congratulations and well.done.to.Tony Watson for being brave and standing up to the corporate thugs and criminals. Exposure the crims for what they are. And we'll do to 4 Corners

@nightal78 9 ай бұрын

Why would ASIC do this? Because of the revolving door between ASIC and the companys involved.

@gjbell3127 9 ай бұрын

"Mischief," correct on EVERY level! 🐀 🐁 🐀 🐁 🐀

@RetroindaCinema 9 ай бұрын

These are the true heroes of Australia... hold these people accountable.

@geertwittemans4937 9 ай бұрын

Former Belgian Federal Accountant on 'medical' retirement after disclosing NON APPROPRIATE ACCOUNTS within Belgian Tax Authorities

@KillingItForYears 9 ай бұрын

“We test on a sample basis”.

@Trizzer89 8 ай бұрын

Literally the only purpose of consultancy firms is that the CEO of a company wants to do something unpopular. So they hire consultants to arrive at the conclusion they want. And the CEO can blame the consultants

@jcoop3660 9 ай бұрын

Wheres bombay?

@feelincrispy7053 9 ай бұрын

Reports like this make me feel sick. I find it so ironic how Australians tout ourselves as global leaders in fair and honest trading/government when in reality we are leaders at hiding and ignoring corruption and laundering

@HandmadeDarcy 9 ай бұрын

This will never be fixed while politicians continue to believe that the problem is that "they don't take their job seriously", they take their job very seriously, the problem is that they understand their job to be an entirely different job.

@davidjma7226 9 ай бұрын

I am trying to appoint one of the big four to a multimillion dollar investment project in the Middle East. Just getting in touch and getting someone to answer the phones is nigh impossible it like trying to join a secret society - you can only be appointed from the inside.

@CLEFT3000 9 ай бұрын

That’s Australia. Old boys club from way back

@davidjma7226 9 ай бұрын

@@CLEFT3000 Err, I meant that the same culture has spread its wings to the Middle East. Very few Australians running the big four here!

@prawncrisp5951 9 ай бұрын

Out of interest, why are you trying to appoint one of the big four to said project?

@davidjma7226 9 ай бұрын

@@prawncrisp5951 Because the JV investors want an independent assessment of the project. One of them is a Government entity and it is their policy to use one of the Big 4 in these circumstances.

@shanemitchell5807 9 ай бұрын

So to be successful financially, you will have blood on your hands. This sort of corruption goes on everywhere including our Australian politicians. Whistle blowers don't make change to these corrupt companies, they just become more insidious.

@jayssonmoggalicious7469 9 ай бұрын

ASIC provides legal protection and coverage for financial crime in Australia. No large firm will ever be held accountable

@tristanKahika 7 ай бұрын

Consultancy fees is a drop in the ocean to overall totality economic loss from the advice and decision making can have on the greater economy.

@ScienceWins 9 ай бұрын

Oh heavens this is rife. Why journalists don’t investigate corruption like this is shocking. Poor Tony. An honest man. A good human.

@aoca3817 9 ай бұрын

GO 4 a clean break? Sound's like Artimus 2 myself. All 4 R25 engine's, up and burnning.

@ralphsimpson4593 9 ай бұрын

This is why we need a professional Public Service not outsourcing

@jcoop3660 9 ай бұрын

Beware.....

@fanaticforager6610 9 ай бұрын

Life 🆚 Lifestyle 1:22

@PolicyFailureIsExpensive 9 ай бұрын

Real quickly, you do not have to invest in these companies. If you are not willing to take an active management role in the companies you invest in, you probably are exposing yourself to high risk.

@JohnPatersonAu 9 ай бұрын

What you are missing is that it's these same people who are behind Australia's mass immigration scheme. Property developers can't keep building apartments unless they have a constantly growing population - and the more immigrants, the higher the price they get for them. But it's not just property developers. Every big business benefits from having a bigger market (more customers) and a constant supply of cheap labour. Immigration is the cause of the housing crisis and stagnating wages. This is why we have record corporate profits while workers are struggling to avoid homelessness.

@denistrethewy7288 9 ай бұрын

ATO dont touch government lobbyists. 😮

@simonbaigrie2485 9 ай бұрын

Its alway a problem when you're relying on payments from the client your auditing to keep your own business going. Sadly corruption in Australia seems to be growing in general. We're happy to celebrate doing a little dodgy as being a larikin. Chucking a sicky etc. Over time these things increasinly become the norm. It will only be to our detriment in the long run.

@Trevor7727 9 ай бұрын

Australia doesn’t have the authority or the jurisdiction to control what happens abroad. Yet, at the same time we have Commonwealth Treasury officials, Spruiking around the world to come and do business in Australia…. What could possibly go wrong?

@keltiquewood 8 ай бұрын

Every accountant ever comes across questionable practices at some stage. How they react is between them and their conscience! The dogs on the street know the Big 4 are licensed gangsters!!!

@glencarolo2597 9 ай бұрын

Hats off to the whistle blower and ABC. When peeking under the rock of large scandals, we always see complacency of all involved, from corporate management to the regulators. We need to stop the practice of allowing executives to go from government to corporate and back again. This happens with the military as well. This practice creates a natural and obvious conflict of interest.

@abrisvegas 9 ай бұрын

If only history could have warned us that going from an audit only organisation to one that also consults could have this result! *ahem* Arthur Anderson *ahem*