I was a teenager working at Walton’s department store when, in 1986, one of Walton’s senior managers discovered that the store’s new owners, the Bond Corporation, had embarked on a creative method of recognising revenue.
As he had repeatedly reported the matter internally without a response, the manager felt there was no other option but to report the transactions to the company’s external auditor.
The following morning he was greeted by this auditor and Alan Bond. And, just like that, this senior manager’s 25 year career at Walton’s was over.
Disclaimer: This article was authored by McGrathNicol Partner Matt Fehon and published in the Sydney Morning Herald on 12 December 2017.