The corporate regulator is preparing to run the ruler over the audit sector amid concerns the industry is failing to police conflicts of interest and allowing incorrect accounts to go to market.

The number of local students completing accounting degrees fell by nearly half to almost 2500 a year in 2021 from almost 4500 a year in 2010, according to Chartered Accountants ANZ. The professional body also forecasts there will be 31,000 new jobs in the profession by 2028.

Australia’s major accounting firms are raking in tens of millions of dollars in remuneration fees amid a surge in insolvencies as rising costs, dwindling revenue and a crackdown on unpaid tax push businesses into financial strife.

Australia's central bank recorded its fourth straight year of accounting losses in 2024, it said on Friday, as the legacy of its pandemic interventions lingers on its balance sheet.

Former PwC CEO Tom Seymour says Australia should not proceed with regulatory change that would make it difficult for firms to conduct efficient global engagements.

Accounting and financial services firm Perks has acquired fellow Adelaide firm GPK Holdich. The latter firm has been integrated into Perks, with GPK Holdich director Aaron Read appointed to the Perks’ leadership team as a director of accounting and business services.