Andersen facing Australian legal challenge
Big Five firm Andersen is facing legal action over the collapse of insurance company HIH.
Big Five firm Andersen is facing legal action over the collapse of insurance company HIH.
HIH shareholders and policyholders were reported on FT.com to be considering class action law suits against Andersen, alleging the firm was negligent in its work as auditor of HIH.
The Australian-based insurer appointed KPMG as liquidators in March. The firm indicated liabilities could be as much as £1.4bn and take as long as a decade to work through. A probe has already been launched into the events surrounding the collapse of the company by the Australian Securities and Investment Commission. Three former Andersen partners worked on the board of HIH, which has raised concerns over auditor independence.
According to the FT, a Sydney-based lawyer has compiled a list of 600 retail and institutional shareholders who are ready to take part in a court action against Andersen.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article