ASIC examines 551 whistleblower complaints of audit misconduct against the big four

During a federal parliamentary hearing in Sydney, ASIC reported receiving 551 whistleblower complaints about alleged audit misconduct by the four major accounting firms—KPMG, PwC, EY and Deloitte. The complaints, which span from July 1, 2023, include allegations of misuse or sharing of confidential information by registered company auditors. ASIC’s executive director of enforcement and compliance, Chris Savundra, and chair Sarah Court said the regulator is using its compulsory information-gathering powers to assess each complaint and decide whether further investigative or enforcement action is required.

The probe was triggered by disclosures that confidential Lendlease board documents were used to support audit tender bids for Westpac and Dexus. Senator Barbara Pocock queried whether the 551 complaints are roughly evenly split among the firms. Court suggested moving the discussion off-camera to allow ASIC to provide additional information to the committee overseeing the audit leaks scandal.