Category Archives: Deloitte

Australian academics apologise for false AI-generated allegations against big four consultancy firms

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Case studies created by Google Bard AI as part of submission to parliamentary inquiry proven to be factually incorrect

A group of academics has offered an unreserved apology to the big four consultancy firms after admitting they used artificial intelligence to make false allegations of serious wrongdoing in a submission to a parliamentary inquiry.

The accusations have been met with scorn by the firms, concerned that inaccurate information has been given parliamentary privilege to unfairly tarnish the reputation of its staff.

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Australia’s corporate watchdog launches ‘confidential proceedings’ against Deloitte partner

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The partner has been referred to a disciplinary panel for investigation, the firm tells a NSW parliamentary inquiry

A Deloitte partner is facing “confidential proceedings” launched by the corporate watchdog after being referred to a disciplinary panel for investigation.

The big four accounting firm told a New South Wales parliamentary inquiry the partner was still employed but would not be performing audit work until the investigation was finalised.

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PwC urged Labor to delay multinational tax transparency laws, Senate submissions reveal

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The firm joined the other big four consultancies in calling for the world-leading regime to be postponed or watered down

PwC, the other big four consultancies and the American Chamber of Commerce in Australia were among the entities that urged the federal government to delay and water down proposed multinational tax transparency laws.

Australia’s proposed country-by-country reporting would make it a world leader in tax transparency, compelling multinationals to publish detailed location-specific information about their revenue, expenses and effective tax rate to deter profit shifting and tax avoidance.

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Australian government spending on big four consultancy firms up 1,270% in a decade, analysis shows

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PwC, Deloitte, KPMG and EY face scrutiny as critics warn core functions of democracy should not be outsourced

The amount of taxpayer money given to the big four consultancy firms for management advisory services has increased by more than 1,270% in a decade, according to new analysis from the Centre for Public Integrity.

The analysis comes as the big four face intense scrutiny after disclosing the misuse of government information and multiple conflicts of interest, as well as concerns that taxpayers are being ripped off for work the public service once conducted itself.

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Deloitte CEO in thinly veiled criticism of EY after rival’s split plans thrown into chaos

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Joe Ucuzoglu posts 20-minute video to Deloitte’s public website

Deloitte’s chief executive has launched a thinly veiled criticism of rival EY after its controversial plans to split the business into two were thrown into turmoil.

EY initially announced plans for a radical breakup of its global operations last year, that would separate its audit and advisory businesses.

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China instructs state firms to phase out big four auditors

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Firms urged to allow contracts with Deloitte, KPMG, EY and PwC to expire

The Chinese government has reportedly instructed state-owned companies to phase out contracts with the big four accounting including KPMG and EY, as authorities try to address security concerns and curb the influence of western-linked auditors.

China’s finance ministry is among the government entities that have issued informal guidance last month, urging state-owned corporations to let contracts with Deloitte, KPMG, EY and PwC expire, according to Bloomberg News.

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Amnesty investigation links brewer Kirin to Myanmar military crimes

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Billions in dividends from ventures with conglomerate MEHL funnelled to army units implicated in Rohingya crackdown

One of the world’s largest brewers, Kirin – whose subsidiaries include San Miguel and craft beers brewed in the US and UK – has been linked to crimes committed by the Myanmar military following an Amnesty International investigation.

Kirin is partnered with a Myanmar-based conglomerate with interests in mining, beer, tobacco, garment manufacturing and banking, whose shareholders include military units directly implicated in serious human rights crimes against Rohingya people, analysis by the human rights group found.

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Ferrexpo could have done without the side show to its Deloitte spat

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A wiser board might have stopped Chris Mawe’s £400,000 share sale the morning before auditor quit

It is a rare for an auditor to quit the role at a London-listed FTSE 250 firm. So one might conclude it was merely unfortunate that Chris Mawe, the finance director at Ferrexpo, chose last Thursday morning to sell £400,000-worth of shares, just before events moved rapidly at the Swiss-based miner of iron ore in Ukraine. In the evening of the same day, Deloitte quit. On Friday morning, when the firm’s resignation was made public, Ferrexpo’s share price plunged by 28%.

The company had not received Deloitte’s letter of resignation at the time of the share sale, so there is – to be clear – no suggestion rules were broken. Even so, one has to ask if it was sensible for Mawe to sell last Thursday when so many unanswered questions hung in the air.

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