Australia's Accounting Professional & Ethical Standards Board (APESB) has called for the consulting arms of the Big Four firms — Deloitte, EY, KPMG, and PwC — to face regulation just as their audit and tax divisions do, as reported by the Australian Financial Review.
In its response to a Parliamentary joint inquiry into the structure of the Big Four, the APESB lamented that they operate in a legal grey area, not fully covered by federal corporate laws. This gap leaves the Australian Securities and Investments Commission (ASIC) to regulate only a small portion of their services.
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