Category Archives: EY

Public servants must do more to manage conflicts of interest, APS commissioner tells top bureaucrats

Posted on by

Exclusive: Letter to department heads does not cite specific incidents but comes after scandals involving government grants and consulting firms

The public service must do more to eliminate conflicts of interest and ensure personal relationships in the workforce are not leading to power imbalances, the sector’s chief has told senior bureaucrats.

The Australian Public Service commissioner, Gordon de Brouwer, outlined his concerns in a letter to the leaders of all government departments, and sought their assistance to identify, disclose and manage all conflicts.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

EY Oceania accused of potential conflict of interest over government contracts on climate policy

Posted on by

Exclusive: Consultancy firm supported oil and gas industry lobbying while being paid for independent advice on Albanese’s signature climate policy

Consultancy firm EY Oceania was supporting the oil and gas industry’s lobbying efforts while being paid by the federal government for independent advice on its signature climate policy and gas emissions.

The firm, which is a member of the oil and gas lobby and audits Santos, insists there was no conflict of interest between its work for industry and government. But a bipartisan group of politicians and transparency advocates is not convinced and has demanded more information.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

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

Posted on by

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.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

Victoria paid EY more than $30m for Covid pandemic health projects

Posted on by

Public health expert says value of contracts cannot be assessed as they are described using ‘waffle words generated by the obfuscation machine’

The Victorian government paid the consultancy firm EY more than $30m to help manage and deliver key public health projects during the pandemic, including contact tracing and the rollout of tests and vaccines.

Government contracts show the health department paid EY $17.4m for its work on the test-and-trace program, known as Operation Drasi, with EY staff seconded into the department.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

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

Posted on by

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.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

EY plan to break up consultancy and audit divisions blocked by US office

Posted on by

Accountancy firm confirms work has stopped on radical scheme after internal concerns about structure

EY has scrapped plans for a radical breakup of its global operations after internal disputes over the potential structure of the new businesses.

The company started laying the groundwork for separating its audit and advisory businesses – under the codename Project Everest – last year, as the big four accounting firms faced mounting criticism about conflicts of interest between the two divisions.

Continue reading...

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

Posted on by

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.

Continue reading...

China instructs state firms to phase out big four auditors

Posted on by

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.

Continue reading...

German payments firm Wirecard says missing €1.9bn may not exist

Posted on by

Company thought money was in two Asian banks but search hits dead end in Philippines

Wirecard has said that €1.9bn (£1.7bn) in funds missing from its bank accounts may not exist, as the accounting scandal at the German payments company deepens.

The firm processes tens of billions of euros in credit and debit transactions each year and is a former darling of Germany’s tech sector. It had previously said it believed the money was held in escrow accounts at two Asian banks.

Continue reading...

EY ordered to pay whistleblower $11m in Dubai gold audit case

Posted on by

Court rules accountancy firm breached code of ethics in its dealings with a refiner

A former partner at the accounting firm EY has been awarded $10.8m (£8.6m) in damages after being forced out of his job when he exposed professional misconduct during an audit of a Dubai gold refiner.

The high court in London ruled on Friday that EY had repeatedly breached the code of ethics for professional accountants in its dealings with one of its clients, Kaloti Jewellery International.

Continue reading...