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    Accounting

    This Month

    Assistant Treasurer and Minister for Financial Services Stephen Jones confirmed the backdown.

    Accountants escape Labor’s onerous new rules, for now

    Assistant Treasurer Stephen Jones has delayed new requirements for tax professionals, amid a growing backlash about the risk of compliance failures.

    • Tom McIlroy

    July

    AZ NGA was founded by Paul Barrett, who is now the company’s chief executive.

    Oaktree in exclusive talks with $600m accounting, advice roll-up AZ NGA

    Oaktree’s investment comes after AZ NGA spent much of the past year trying to bed down a deal with TA Associates.

    • Sarah Thompson, Kanika Sood and Emma Rapaport
    Assistant Treasurer and Financial Services Minister Stephen Jones.

    ‘Another bombshell on tax practitioners’: new rules anger accountants

    Labor is being urged to delay implementing the new standards and obligations for accountants and tax agents, who accuse the government of significant overreach.

    • Tom McIlroy
    The consulting business KPMG listed two decades ago, under the name BearingPoint, went bankrupt in 2009.

    KPMG pay growth slows in tough market

    Pay rises for this financial year were minimal, with graduate salaries increasing by an average of just 1.5 per cent.

    • Maxim Shanahan
    David Willis heads Alvarez & Marsal’s Australian arm.

    Alvarez & Marsal lifts EY team to spearhead entry into valuations

    The trio have been tasked with building a presence in the local valuations sector, and Stewart has been appointed to run the unit.

    • Sarah Thompson, Kanika Sood and Emma Rapaport
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    June

    Telstra has hired Deloitte to replace longstanding auditor EY.

    Telstra hires Deloitte to audit books, replacing EY after 25 years

    The telecoms giant said changing auditors was “good governance” and wants to use Deloitte’s digital technology to reduce costs.

    • Jenny Wiggins and Edmund Tadros
    Chartered Accountants ANZ chief executive Ainslie van Onselen.

    Government urged to add accountants, auditors to fast-track visa list

    Eleven accounting, auditing and data-related roles need to be added to a new list of occupations eligible for fast-tracked migrant visas due to ongoing labour shortages, say two major professional bodies.

    • Edmund Tadros

    Companies switch on to new ways of staff training

    A growing number of employers including law firms are developing short courses known as microcredentials in collaboration with tertiary institutions.

    • Alexandra Cain
    Ian Gow, University of Melbourne professor and author, warned of a potential extinction-level event over tax auditing among the big four.

    Big four can’t be allowed to stay in ‘grey zone’ of PwC scandal

    The Senate report makes it clear the big accounting firms have fallen through the regulatory gaps. That structural problem must eventually be addressed.

    • James Thomson
    • Exclusive
    • AI

    Meet KymTax: KPMG’s AI tool can do a day’s mundane tasks in an hour

    The big four firm has built an AI research assistant for tax professionals to speed up how quickly they can provide clients with tax advice.

    • Tess Bennett
    Karen McWilliams, sustainability and business reform leader at Chartered Accountants Australia and New Zealand.

    Boards plead with Labor not to rush broader sustainability rules

    The warning from the Australian Institute of Company Directors came despite concerns Australia is “cherry-picking” global sustainability reporting standards.

    • Patrick Durkin

    May

    PwC has purchased more than 100,000 ChatGPT licences.

    ChatPwC v KPMG KymChat: Consultants race is on after ‘world’s biggest’ AI deal

    The US and UK arms of consulting giant PwC have become the biggest direct corporate client of OpenAI, announcing a deal to use and resell the AI firm’s tools.

    • Paul Smith and Edmund Tadros
    MYOB boss Paul Robson is leading talks with lenders around a looming earn-out.

    S&P Global Ratings slaps down KKR-backed MYOB

    S&P added that it could lower the ratings if the company is unable to make credible progress on extending its existing first-lien loans.

    • Sarah Thompson, Kanika Sood and Emma Rapaport
    The ATO also has outstanding debts with eReports.

    Doctors owed millions in collapse of service provider

    The Melbourne-headquartered eReports allegedly failed to disclose $7.2 million owed to more than 400 specialists before calling in administrators.

    • Max Mason

    Adam Powick failed to make partner twice. Now he runs Deloitte

    The chief executive says when people fail to get a promotion, they are often told they are doing a good job and should continue along the same path. He reckons that advice is “BS”.

    • Ciara Seccombe and Lap Phan
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    MYOB boss Paul Robson.

    KKR’s MYOB refinancing drags while bolt-on payday looms

    The private equity giant is still to pin down a price and structure to its liking, leading to questions on whether it would press ahead or park the big-ticket refinancing. 

    • Sarah Thompson, Kanika Sood and Emma Rapaport

    PwC partners in Middle East accused of blocking first woman boss

    PwC is facing a backlash from its own staff after two women were passed over for the UK firm’s top job, as Middle Eastern partners grow in strength.

    • Updated
    • Adam Mawardi
    For the big four, one of the big issues of 2022 was finding and keeping staff.

    Why can’t top auditors find fraud?

    US regulators have put forward a series of proposals to clarify and extend responsibilities to spot wrongdoing.

    • Stephen Foley
    Opera star Teddy Tahu Rhodes at Golden Boy restaurant on Adelaide’s North Terrace.

    ‘I loved’ my old accounting job – surprise confession from opera star

    Baritone Teddy Tahu Rhodes is nostalgic about his days working with spreadsheets before he quit the world of finance to fulfil his musical ambitions.

    • Simon Evans

    April

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    Highest-paid CFOs revealed

    The country’s top CFOs continue to enjoy a “breakout period” on pay and remain in the box seat as the country’s next CEOs.

    • Patrick Durkin