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Why controls and compliance internal audits are important

Today, the fate of MAdE Establishment became a bit clearer, as celebrity chef George Calombaris faced the media to report that his company will be entering voluntary administration. The move has the potential for 400 employees to lose their jobs, as reported by the Brisbane Times.

For those unaware, the company, which owns a series of restaurants throughout Melbourne, self-reported to the Fair Work Ombudsman in Australia an underpayment of employee's salaries and superannuation. It was announced in April 2017 that 162 workers had been underpaid $2.6 million because of "historically poor processes".Since then, this number has ballooned out $7.85m and has also incurred a $200,000 fine. The impact of this has result in the company now entering voluntary administration and staff potentially losing employment.