Top-tier accounting firms could face a historic, government-mandated break-up of their lucrative consulting and audit wings under proposed federal options designed to tackle the structural conflicts of interest plaguing the sector.
Assistant Treasurer Daniel Mulino has set his sights on addressing the significant gaps in regulation after a string of high-profile ethical scandals once again plunged the industry's culture and independence into the spotlight.
On Wednesday, the government released a Treasury options paper on the regulation of these large industry players. The paper serves as a consultation blueprint that outlines potential pathways for changes without yet locking them into law.
