Penny Wong (SA, Australian Labor Party, Shadow Minister for Corporate Governance and Responsibility) Share this | Hansard source

My question is to Senator Coonan, the Minister representing the Assistant Treasurer. I again refer to the Westpoint financial scandal in which, as the minister is aware, hundreds of millions of dollars of Australian superannuation retirement savings have been lost. Is the minister aware of other revelations on last night’s ABC Four Corners program that Mr Richard Beck, associated with Westpoint and under investigation by ASIC, was the former head of corporate governance at the leading accounting audit firm KPMG? Is the minister aware that KPMG were the auditors of Westpoint entities? Is the minister aware that the chair of ASIC, Mr Lucy, now suspects KPMG were wrong when they signed off unqualified to Westpoint accounts? Can the minister advise what investigations or action has been taken in respect of KPMG’s role as auditor of Westpoint?