… with the community and some politicians increasingly subscribing to the view that sunlight is the best disinfectant, regulators need to get used to a few brickbats flying their way along with the bouquets.
~ Elizabeth Knight
Parliament should cast its net wider. With confidence in regulatory authorities leaching away, now is the time for a holistic look at our regulators to ensure they not only behave ethically but carry out the jobs we expect of them.
Regulators hardly covered in glory amid corporate scandals
Nothing exposes regulatory cracks like corporate scandals. From ASIC to the ATO – all have sustained collateral damage lately.
The PwC debacle has raised questions about the relationship between the big four accountants and the ATO; ASIC was slammed for its ineffective enforcement culture in the wash out of the royal commission into financial services; and the various state gaming regulators were found seriously wanting after inquiries into the two large casino groups found them unfit to hold their licences.
Corporate scandals deliver collateral damage to regulators By Elizabeth Knight
The consulting firms are now likely to be grilled about why they cannot disclose more of the information requested by the Greens’ Barbara Pocock as part of the ongoing Senate inquiry into the use of consultants. Public hearings are scheduled for next week.
The inquiry was triggered by the PwC tax leaks scandal exposed by The Australian Financial Review, and after a push by Senator Pocock. The last major inquiry into the sector was shut down by the Morrison government in 2019 without issuing a report. Submissions by other firms are yet to be published by the committee.
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