Ernst & Young has terminated two graduate employees and referred the matter for criminal charges after they allegedly accessed the personal banking records of Australian Prime Minister Anthony Albanese while on secondment at Commonwealth Bank of Australia.
The junior staff members were part of a contingent of EY consultants advising the lender on its mortgage system.
The unauthorized access to the Prime Minister's account details represents a severe breach of client confidentiality and data security protocols.
The incident intensifies scrutiny on the Big Four accounting firms' operational risk management in Australia.
It follows a separate controversy involving KPMG, where the Reserve Bank of Australia announced it was reviewing its ties with the firm amid a widening crisis.
Investors in CBA.AX and EY's parent company, EY Global Leadership LLC (private), should monitor for regulatory fallout.