The audit, assurance and consulting industry has failed to meet expectations. The industry needs clear standards, better monitoring and strong sanctions for misconduct.
The Australia Institute has a growing body of research on the harms caused by the over-use of consulting firms by Australian governments.
This paper summarises and expands on that research in the context of the inquiry ethics and professional accountability: structural challenges in the audit, assurance and consulting industry.
While our research focuses on the relationship between governments and consulting firms, some of the findings will be applicable for consulting firms more generally, including their relationships with private clients.