The government’s directive to the ASIC focuses on enhancing transparency and accountability across an industry recently plagued by breaches of trust. While specific regulatory measures remain under development, authorities have signaled a shift toward broader enforcement powers and stiffer penalties. This intervention follows a pattern of high-profile incidents, including allegations that KPMG staff misused confidential data to secure contracts and the termination of two EY employees for accessing the prime minister’s private banking information.

Public trust in the sector hit a low point in 2023 when PwC faced investigations for sharing sensitive tax policy details to gain clients. Deloitte also faced scrutiny after an academic review uncovered AI-generated fabrications in a report prepared for a government department. Beyond these specific cases, regulators are now tasked with auditing the wider sector, including the pension system and corporate greenwashing practices, as the government evaluates whether the Big Four firms should be broken up to prevent further conflicts of interest.