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Macquarie Group dumps KPMG from audit contract
Macquarie released a statement on Wednesday citing the ongoing scrutiny of KPMG. (Four Corners)
Macquarie Group has announced it will drop KPMG as an auditor, amid an ongoing scandal relating to its handling of confidential information.
Macquarie announced on Wednesday afternoon that its board held concerns over the firm's auditing practices, amid ongoing scrutiny of KPMG.
"The decision follows continued scrutiny of KPMG Australia's audit practice, including information exposed by the Parliamentary Joint Committee on Corporations and Financial Services," the statement said.
"It also follows Macquarie's formal enquiries of KPMG to consider its capacity to deliver the audit, as well as the nature and impact of ongoing issues at KPMG Australia."
ASX falls rate fears; Macquarie dumps KPMG as preferred auditor
The Australian sharemarket snapped a two-day winning streak on Wednesday after inflation came in stronger than expected, keeping the risk of further interest rate increases by the Reserve Bank of Australia in play.
The S&P/ASX 200 Index fell 0.4 per cent, or by 36.80 points, to 9127.80, after hitting a high of 9220.60 before the Australian Bureau of Statistics released the July price data.
While inflation slowed from 3.8 per cent in June to 3.5 per cent last month, it was above the 3.3 per cent forecast by economists. Trimmed mean – the RBA’s preferred gauge – held at 3.6 per cent, putting it on track to come in well above the central bank’s prediction for the September quarter.
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