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ACCC toughens up on cartel immunity policy, launches whistleblower tool – 6 September 2019
Australia’s competition regulator the ACCC has strengthened its cartel immunity and cooperation policy – and launched a whistleblower tool to facilitate anonymous reporting of cartel activities.
Botched Audits: Big Four Accounting Firms Fail Many Inspections – 5 September 2019
In the most recent annual inspections of the U.S. arms of the Big Four for which the oversight board has reported results, inspectors found that each firm botched at least 20% of their audits. In some cases, they were so bad that the accounting firms had no business issuing opinions based on those audits.
Bank of Queensland, Bendigo and Adelaide Bank sued by ASIC over ‘unfair’ contracts – 4 September 2019
Many banks have “non-monetary default” clauses in their loan contracts, particularly for business customers. ASIC is taking Bank Of Queensland, Bendigo and Adelaide Bank to court, alleging such clauses are unfair and should be unenforceable. There are no penalties for companies that include unfair terms in their contracts
https://www.abc.net.au/news/2019-09-04/asic-sues-boq-and-bendigo-and-adelaide-bank/11477856
Secret penetration tests, fines for banks under PayID security crackdown – 3 September 2019
Australian banks and credit unions will have increased pressure to tighten controls and security PayID systems as their transactional systems are secretly penetration tested. This is to find deficiencies and stop fraud.
