This submission examines the extent of infiltration of the ‘Big Four’ in the top echelons of Australia’s corporate sector. As confidence wanes in the capacity of the Big Four to appropriately provide the services they purport to offer, it is important to critically assess the extent of their influence in the corporate sector. While much of the focus has been on abuses of trust by the Big Four in the public sector, significant amounts of public money are invested in ASX-listed companies, in particular ‘blue chip’ entities such as the ASX20, in the form of superannuation holdings. It is important, therefore, that the infiltration of Big Four in the corporate sector also be assessed.<p></p>
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Language
EnglishPublication status
- Published online
Research statement
Examined in this submission are the regulatory supervision arrangements established by the Corporations Act 2001 and the Australian Securities and Investments Commission Act 2001. Data pertaining to the top 20 companies listed on the Australian Securities Exchange is examined to determine the extent of infiltration of the Big Four into Australia's corporate sector. Analysis is offered as evidence to demonstrate the pervasive impact of the Big Four, highlighting the criticality of a transparent and ethical advisory and assurance market that delivers appropriate accountability and regulatory supervision. The submission contributes to the Committee’s investigation and analysis of the regulatory, technical, and legal settings within which the Big Four operate.Publisher
Parliament of Australia in its Joint Committee on Corporations and Financial ServicesPublisher website/DOI
Commissioning body
Parliamentary Joint Committee on Corporations and Financial ServicesPlace published
Canberra, ACTUsage metrics
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