KPMG

The Australian Securities and Investments Commission has called for the big accounting firms to focus on “culture and talent” after a new report found one in five audits had no reasonable basis for clearing company financial reports of material misstatements.

Creditors of the failed Arrium Group have won access to documents handed over by third parties to the company’s administrators for possible civil proceedings against the steel producer, which collapsed owing $2.3 billion.

Commonwealth Bank of Australia has admitted a breach of data affecting nearly 20 million accounts, but said Thursday there was no evidence that customers’ details were stolen.