ASIC chair Sarah Court gives evidence at the parliamentary inquiry. (ABC News: Adam Wyatt)
The corporate regulator has been told by the big four accounting firms — KPMG, PwC, EY and Deloitte — that there have been 551 complaints about alleged audit misconduct.
In the wake of whistleblower revelations that confidential board papers from Lendlease were used to support bids for major audit tenders for Westpac and Dexus, the Australian Securities and Investments Commission (ASIC) is investigating the big four and asking them about internal whistleblower complaints.
The watchdog told a federal parliamentary hearing in Sydney today that it was looking at whistleblower complaints to the big four accounting firms dating from July 1, 2023.
ASIC's executive director of enforcement and compliance, Chris Savundra, told the hearing that, so far, 551 complaints had been made.
ASIC enforcement and compliance executive director Chris Savundra appears at the inquiry. (ABC News: Adam Wyatt)
ASIC chair Sarah Court then clarified that "just to be clear … this includes whether the firms have received complaints relating to misconduct by registered company auditors, such as the misuse or sharing of confidential information".
"So that's what we have asked for," she said.
"And then we have used our compulsory information gathering powers in relation to obtaining that material."
Without whistleblowers, Australians would be kept in the dark about major corporate scandals, but evidence suggests the experience of raising alarm bells can destroy their lives.
She said the regulator was looking at "each of these complaints and ascertaining whether there is more work for ASIC to do in relation to investigations or enforcement action or activity in relation to particular issues".
"I don't want to suggest that there's, you know, 550 serious whistleblower issues," she said.
"We don't know and there's a lot of work for us, clearly, to be looking through those complaints, getting more information as we need it."
Senator Barbara Pocock asked if that 551 figure was "spread evenly across the four firms, 125-odd or over 100 in each of the four?"
Ms Court then suggested that the hearing go off-camera so ASIC could give the committee looking into the audit leaks scandal further information.
