What Frydenberg doesn’t mention. It’s why he’s been nominated and won the prize for Australia’s worst-ever Treasurer
The Independent Australia Ranking on Economic Management (IAREM) for 2021 reveals Ireland leading the world and Australia still languishing outside the top twenty, reports Alan Austin.
Australian economy languishes while Ireland, Singapore, NZ soar
Accountants are there to ensure compliance or avoid compliance to rules so complex compliance is nigh on impossible. Their clients spend money to avoid spending money on rules constructed by accountants and are willing to spend whatever it takes to increase their bottom line. JobKeeper was a perfect storm here in Australia. So much so foxes are needed to watch the foxes in the henhouse.
Last month a regulatory body from the US censured and fined KPMG Australia over professional standards. The findings raise a pressing question: how widespread is this poor culture within the accounting industry?
On September 13, the Public Company Accounting Oversight Board (PCAOB) of the US made an order that (1) censures KPMG Australia; (2) fines KPMG Australia $450,000; and (3) requires KPMG Australia to undertake remedial actions.
The board’s website explains that its mission is to oversee audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. This body investigates and, if necessary, disciplines registered public accounting firms and their associated persons for violations of specified laws, rules, or professional standards.
So why do investors in public companies need protection from KPMG
Australia? What ghastly behaviour has attracted the ire of the
Americans?
Bad apples or bad orchard? KPMG Australia fails ethics test
The LNP are going it alone even when the ALP says zero coal-fired power plants aren’t their target.
Labor has extended its lead to 54-46 in the latest Newspoll, days before Prime Minister Scott Morrison prepares to head to Glasgow for the COP26 climate summit. The results of the exclusive poll, which is conducted for The Australian newspaper and released on Sunday night, shows support for the Coalition at its lowest level in three years as talk of action on reducing emissions dominates the political landscape. It highlighted increasing community support for greater climate action, with 47 per cent of voters saying the goal of reducing emissions should be prioritised over lower energy costs (40 per cent). It is a stark reversal from 2018 when 64 per cent of voters said energy prices should be the priority and only 24 per cent said reducing greenhouse gas emissions was more important.
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