Explore the latest developments concerning KPMG data misuse.
The corporate watchdog has launched an investigation into how the big four accounting firms handle internal complaints, in an unprecedented intervention into the multibillion-dollar sector, which has historically avoided meaningful regulation.
The Australian Securities and Investments Commission will use compulsory information-gathering powers to force KPMG, Deloitte, EY and PwC to hand over documents relating to their treatment of internal complaints. The probe is in response to KPMG failing to adequately look into claims by a whistleblower of misconduct in its audit division and then allegedly bullying him for raising concerns.
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The corporate watchdog has launched an investigation into major consulting firms following allegations of wrongdoing at KPMG.
The Australian Securities and Investments Commission on Thursday confirmed it had launched surveillance action against audit conduct complaints received by KPMG, along with major firms Deloitte, EY and PwC.
The investigation was triggered by whistleblower allegations KPMG partners had accessed confidential information from client Lendlease in order to pitch for and win lucrative audit contracts.
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The parliamentary inquiry into events surrounding the recent KPMG Australia scandal reveals that the firm first went to HR when it was made aware of the whistleblower complaint.
During the dedicated parliamentary inquiry into KPMG Australia's ethics and professional accountability on 19 June, former national managing partner of audit assurance, Julian McPherson, admitted that he went straight to HR upon discovering the whistleblower complaint.
At the inquiry, Senator Deborah O’Neill, who initially told the Senate of the whistleblower’s allegations against the firm, said: “I’m a little shocked that the first person you went to was Human Resources, which is often, people know, a way of managing people with a problem … you looked at this and you went, oh, this guy’s a problem.”
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