{
  "id": 828475,
  "title": "Macquarie seeks KPMG guarantee data was not misused to win bank audit work",
  "url": "https://urgent.news/2026/08/14/macquarie-seeks-kpmg-guarantee-data-was-not-misused-to-win-bank-audit-828475",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-14T01:48:28.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/companies-markets/macquarie-seeks-kpmg-guarantee-data-was-not-misused-to-win-bank-audit-work"
  },
  "original_language": "en",
  "account": "Macquarie Group's chairman, Glenn Stevens, has indicated that the Australian investment bank may reconsider KPMG's appointment as its auditor following allegations of the auditing firm misusing client data to secure audit contracts. This suggestion came during a parliamentary hearing in Canberra, where Stevens expressed the bank's request for KPMG to investigate whether it has the necessary resources to conduct audits after several senior partners left. Macquarie has also asked KPMG to provide evidence that the firm did not utilize confidential information from other clients' accounts to win the bank's audit business. Currently, KPMG is set to take over as Macquarie's auditor in 2028, supplanting PwC, which has been in partnership with the bank for over half a century. KPMG was chosen in 2025 and requires approval from the bank's shareholders. Stevens mentioned that the response from KPMG to Macquarie's inquiry is expected soon, but he did not specify a timeline. If the allegations are confirmed, Stevens emphasized the need for a high level of confidence that such behavior will not recur and did not occur during the bidding process for audit contracts. Stevens noted that Macquarie still has time to reconsider its decision to appoint KPMG, but the bank needs to make a final determination promptly. The parliamentary hearing, which is the second since accusations of KPMG's staff exploiting confidential information to secure lucrative audit contracts surfaced in March, is a significant development in the ongoing scandal. KPMG initially claimed the allegations were unsubstantiated, but subsequent resignations of the firm's CEO, audit chief, and chairman, along with the departure or sanctioning of implicated staff, have fueled the controversy. Westpac, Australia's second-largest lender, has been implicated in the KPMG scandal, with its director Peter Nash resigning from the bank's board due to his ties to the auditing firm. KPMG senior partner Kim Lawry also stepped down after Westpac requested her removal as the lead auditor for the bank. Westpac's audit committee chair Michael Ullmer criticized Nash for contacting his former KPMG colleagues during the tender process, stating that such conduct should not have taken place. Former KPMG chairman Martin Sheppard echoed this sentiment, asserting that Nash's actions were unacceptable.",
  "summary": "Scandal has triggered resignations of KPMG Australia’s CEO, audit boss and chairman.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The Block",
        "title": "Tether says KPMG issued ‘clean’ opinion in first full audit of USDT issuer’s financials",
        "url": "https://urgent.news/2026/08/13/tether-says-kpmg-issued-clean-opinion-in-first-full-audit-of-usdt",
        "published": "2026-08-13T19:04:50.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Macquarie seeks KPMG guarantee data was not misused to win bank audit work",
        "url": "https://urgent.news/2026/08/14/macquarie-seeks-kpmg-guarantee-data-was-not-misused-to-win-bank-audit",
        "published": "2026-08-14T01:18:51.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}