ASIC Probing Hundreds Of Big Four Internal Audit Complaints

By Daniel Wilson

ASIC is reviewing more than 550 internal complaints about audit work across the Big Four professional services firms, Chair Sarah Court told a parliamentary committee on Friday, and said it's expanding its probe into KPMG Australia around possible false or misleading information in its transparency reports.

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Diversa Faces New ASIC Probe On Fees Tied to First Guardian

By Emma Knuckey

The corporate watchdog confirmed it is investigating Diversa Trustee Limited's delay in writing the now collapsed First Guardian Master Fund asset value down to zero and whether this meant members were incorrectly charged with administration fees, in a further probe of the trustee platform already charged with due diligence and monitoring failures in the Federal Court of Australia.

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Diversa Says Fraud Sank First Guardian, Gov. Should Repay

By Emma Knuckey

Diversa Trustees Chair Vincent Plant told a parliamentary committee on Friday that the fund trustee were "not clairvoyants" and could not have foreseen the alleged fraud behind the collapse of the First Guardian Master Fund, arguing it met its duties despite members' $240 million losses.

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KPMG Denied Privileged Expert Docs In Arrium Class Action

By Daniel Wilson

The Victorian Supreme Court judge overseeing a shareholder class action alleging mining company Arrium Ltd issued misleading financial reports has rejected auditor KPMG's bid to access draft versions of a plaintiffs' expert report, saying the shareholders hadn't waived legal privilege over those drafts.

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RBA Sees "No Clear Public Interest Case" For Digital Currency

By Harlan Ockey

The Reserve Bank of Australia and Treasury said that there is "no clear public interest case" for the central bank to introduce digital currency for everyday transactions, as current payments systems and digital finance innovations are sufficient. 

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ACCC Chair Says 80% Of Mergers Cleared in 20 Days

By Olivia Thomson

ACCC Chair Gina Cass-Gottlieb says the competition regulator's new merger control regime has met and surpassed its goal of approving around 80 percent of mergers within 20 business days by early Phase 1 determinations or the notification waiver process, nine months after its implementation.

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New NSW Justice Urges Bar To Prioritise Diversity, Well-Being

By Emma Knuckey

NSW Supreme Court Justice Richard Scruby used his swearing-in ceremony speech to call for stronger diversity and mental health awareness across the New South Wales bar while upholding current court standards.

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