Breaking: Macquarie dumps KPMG from nation's biggest audit contract
Accounting firm KPMG says it is facing the consequences of its "past failings" as it is dropped by Macquarie Group.
Macquarie Group has terminated its contract with KPMG as the company's auditor, following a scandal involving the handling of confidential information. The decision was made after concerns were raised about KPMG's auditing practices, following scrutiny by the Parliamentary Joint Committee on Corporations and Financial Services. Macquarie's board expressed concerns about the stability of KPMG's auditing capabilities, as well as the nature and impact of ongoing issues at the firm.
The company's board will now recommend PwC as the auditor at the company's next annual general meeting. KPMG acknowledged the decision, expressing disappointment but acknowledging the seriousness of Macquarie's concerns. KPMG's CEO, John Sams, emphasized the need for rebuilding trust through sustained action, transparency, and urgency.
The whistleblower's allegations included claims that KPMG mishandled complaints, mishandled confidential board papers, and improperly used client data. The next public hearing into the matter is scheduled for September 4, 2026, in Sydney.
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