Labor has called for Australia's big four accounting firms to be investigated by the competition watchdog over allegations of cartel-like behaviour.
Shadow assistant treasurer Andrew Leigh and fellow Labor MP Julian Hill have written to the Australian Competition and Consumer Commission boss, Rod Sims, asking him to examine the structure of the market.
Labor wants Deloitte, EY, KPMG and PwC to be put under the microscope over revelations the auditing companies' chief executives met for private dinners.
The firms deny any commercially sensitive matters were discussed during the meetings.
"The traditional financial statement and assurance auditing functioning of the big four firms is of critical importance to the Australian economy and the wider capital markets," Dr Leigh and Mr Hill wrote.
They asked Mr Sims whether the dinners point to sufficient "cartel-like behaviour" to warrant further interrogation by the regulation.
Dr Leigh and Mr Hill also want to know if the ACCC is considering the impact on capital markets of perceived conflicts in large firms between traditional auditing and the growing consulting market.
"Our immediate concern is the admission that the (present and no-former) CEOs of the large accounting firms attended six events together, including at least two private dinners, in the past two years,"
Finance Minister Mathias Cormann rubbished the idea that having business dinners was evidence of collusion and cartel behaviour.
"The services of these firms, like any other service procured by the government, follows a competitive and transparent process outlined under the Commonwealth Procurement Rules." Mr Cormman said in a statement on Monday night.
"All Commonwealth procurement is required to achieve value for money."
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