Unaudited: independent analysis of Australian companies, read from the filings

Loss Leader

Australia’s fastest-growing accounting firm lost $38.9 million in twenty-two months, never turned a gross profit, and sold for a dollar down. The chairman was first in line. The staff got about fifteen cents. The clients got nothing, which was at least consistent with the margin.

“Much of what’s now known about Retinue comes from Ryan Tan’s reporting.”The Firm, read by 32,000 accountants

“A riveting accounting deep dive.”Harvest Accounting, Xero Partner of the Year, Singapore 2025

Part 1 of 4

Cost of Sales

Ryan Tan · 18 min

Part 2 of 4

First in Line

Ryan Tan · 20 min

Part 3 of 4

Restraint

Ryan Tan · 18 min

Part 4 of 4

A Dollar Down

Ryan Tan · 14 min