Even if tougher rules are brought in, Australia’s corporate watchdog will need far more resources to properly audit the auditors.
- Industry Fellow, Corporate Governance & Senior Lecturer, Swinburne Law School, Swinburne University of Technology
Auditors are paid to hold governments and businesses accountable – and protect our money. So what’s going on with these latest allegations of secret wrongdoing?
In the next two months, expect to see some big changes at the ASX. But there’s a lot more to do to tackle its ‘systemic, long-standing and deeply embedded’ problems.
It may be tempting to call for the chief executive to be sacked, but it would only let Optus off the hook. This is how to really hold them to account this time.
Embattled Optus chief Kelly Bayer Rosmarin who oversaw two network outages in the last year has resigned after admitting her company had no disaster management plan.
The Optus chief will face some tough questions about the company’s poor handling of last week’s catastrophic network outage when she appears before a Senate inquiry.
Its board has been found to “lack readiness to ask relevant questions”, a judgment it will have to wear.
The only predictor of boards reaching 30% female directors is if it has a director who sits on another board that has already met the target.
The Commonwealth Bank has been given responsibility to fix its own management mess. Regulators could have done a lot more.
While the government hopes its new regulation will rein in the banks, it’s unlikely to do so.
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