PwC is facing action from the Heart Research Centre for failing to detect
theft of more than AUS$450 000 (£188.517) by an employee.
The firm agreed to audit the Centre’s books in 1997.
The centre claims that the firm failed to detect and report the theft, or
failed to report their awareness of the theft in the course of the audit,
The centre is claiming damages under Australia’s Trade Practices Act, saying
the firm misled or deceived it in giving assurance that no irregularities were
detected and had not occurred during the audit period.
In a separate case, a tool-making company, DMG Industries is taking KPMG to
court alleging the firm did not advise it properly.
DMG contracted the firm to prepare its research and development tax
concession claims for research and development spending.
The company says KPMG’s improper advice meant it lost out on higher benefits
which amounting to AUS$4m (£1.675m).
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Does Darwin's theory apply to taxation? Colin ponders...
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today