Regulation
Banking
ASIC sues audit firm over $446m First Guardian collapse
Audit reports were signed. Opinions were clean. And, on ASIC's account, the work behind those opinions either fell well short of professional standards or, in at least one year, left no trace in the files at all.
Australia
KPMG Australia weighs cutting 1,000 jobs after audit scandal
KPMG Australia is reviewing its workforce as reports point to about 1,000 job losses and dozens of partner exits, more than 10 per cent of a firm of 8,967 people. Partner profit distributions are expected to fall about 20 per cent, and procurement bans run to 30 September.
Business
ASX fined $20.5m over misleading CHESS replacement update
The Federal Court has ordered ASX Ltd to pay $20.5m after it admitted a 2022 claim that the CHESS replacement was 'progressing well' misled the market.
Technology
Five social media giants face A$49.5M fines over teen ban failures
Australia's online safety regulator is investigating Facebook, Instagram, TikTok, Snapchat and YouTube for potential breaches of the world's strictest social media age ban. A survey of 900 parents found 70% of under-16s who had accounts before the December ban still have access.