Tag: kpmg

  • Macquarie Group dumps KPMG from audit contract | Macquarie dumps nuclear KPMG, sticks with PwC fo…

    Macquarie Group dumps KPMG from audit contract | Macquarie dumps nuclear KPMG, sticks with PwC fo…

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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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  • KPMG announces new CEO following audit scandal fallout | Committee releases explosive KPMG whistl…

    KPMG announces new CEO following audit scandal fallout | Committee releases explosive KPMG whistl…

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    KPMG announces new CEO following audit scandal fallout

    KPMG has promoted long-term partner John Sams to chief executive, replacing Andrew Yates who resigned over the audit leaks scandal that has engulfed the firm since March.

    Sams has been KPMG’s chief financial officer and a member of its local executive leadership team since last September and had firmed as favourite for the top job in recent weeks. He has also been acting as chief operating officer since Eileen Hoggett resigned from the role in June.

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    Committee releases explosive KPMG whistleblower emails

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    A powerful parliamentary committee has publicly released a whistleblower’s emails that first raised allegations of misconduct in KPMG Australia’s audit division.

    An 18-page document with the nine emails was uploaded to the corporations and financial services committee web pages on the day KPMG announced long-term partner John Sams would be its new chief executive officer.

    Sams replaces Andrew Yates after the former CEO, former head of audit Julian McPherson, and other senior partners either left or stood down from positions after the ethical scandal became public on March 24.

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    KPMG whistleblower refused to move to Australia, fearing alleged bullying

    The whistleblower who triggered the scandal engulfing consulting giant KPMG Australia refused to move to Australia in part because he claimed he had been bullied by one of KPMG’s most senior executives.

    Documents released by a parliamentary committee this week show the whistleblower, who has not been identified, had been hired by KPMG outside Australia and had initially been open to moving back as the firm requested under its policies.

    In July 2023, the freshly released emails show, the man said that he would not move back to Australia from an unknown country in part because of what he said was “bullying and defamation” by Kim Lawry, a top audit partner and board member at KPMG.

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  • KPMG appoints new CEO as massive job cuts loom | KPMG announces new CEO following audit scandal f…

    KPMG appoints new CEO as massive job cuts loom | KPMG announces new CEO following audit scandal f…

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    KPMG appoints new CEO as massive job cuts loom

    The board of KPMG Australia has appointed John Sams as chief executive effective immediately as the embattled firm prepares to cut hundreds of employees to counteract the loss of business from the whistleblower scandal.

    Sams is from the tax, corporate finance and infrastructure advisory side of KPMG’s business which has not been implicated in the scandal where some of the firm’s most senior executives allegedly accessed confidential client information to win new customers.

    “The Board believes that John has the strong attributes required to be the firm’s successful leader – including agility, courage and integrity,” independent chairman Michael Ebeid said.

    KPMG announces new CEO following audit scandal fallout

    KPMG has promoted long-term partner John Sams to chief executive, filling the role vacated when Andrew Yates resigned over the audit leaks scandal that has engulfed the firm since March.

    Sams has been KPMG’s chief financial officer and a member of its local executive leadership team since last September and had firmed as favourite for the top job in recent weeks.

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    Scandal-hit accounting firm names new chief executive

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    A major accounting firm under intense scrutiny amid accusations it used confidential client information to win contracts, has appointed a new chief executive.

    John Sams, KPMG Australia's chief financial officer and chief operating officer, will take over as chief executive effective immediately, the firm announced on Tuesday.

    Mr Sams said he would work to provide confidence to clients and the firm's people, deliver on an action plan that KPMG Australia announced in June to address governance and integrity issues, and to engage constructively with a parliamentary committee and regulators.

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  • KPMG data misuse scandal triggers wider ASIC probe into big four | Audit firms to be investigated…

    KPMG data misuse scandal triggers wider ASIC probe into big four | Audit firms to be investigated…

    Explore the latest developments concerning KPMG data misuse.

    KPMG data misuse scandal triggers wider ASIC probe into big four

    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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    Audit firms to be investigated following KPMG scandal

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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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    KPMG’s HR response under scrutiny at whistleblower inquiry

    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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  • KPMG data misuse scandal triggers wider ASIC probe into big four | Audit firms to be investigated…

    KPMG data misuse scandal triggers wider ASIC probe into big four | Audit firms to be investigated…

    Explore the latest developments concerning KPMG data misuse.

    KPMG data misuse scandal triggers wider ASIC probe into big four

    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.

    Gift 5 articles to anyone you choose each month when you subscribe.

    Audit firms to be investigated following KPMG scandal

    Your digital subscription includes access to content from all our websites in your region.
    Access unlimited news content and The Canberra Times app. Premium subscribers also enjoy interactive puzzles and access to the digital version of our print edition – Today's Paper.

    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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    KPMG’s HR response under scrutiny at whistleblower inquiry

    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.”

    For more detailed information, explore updates concerning KPMG data misuse.

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  • KPMG plans to cut hundreds of jobs in UK auditing division | KPMG Layoffs: Company Set To Cut Up …

    KPMG plans to cut hundreds of jobs in UK auditing division | KPMG Layoffs: Company Set To Cut Up …

    Explore the latest developments concerning KPMG plans to.

    KPMG plans to cut hundreds of jobs in UK auditing division

    London | KPMG is cutting close to 600 UK jobs as the big four accountancy firm struggles to reduce costs amid a harsher market.

    Staff were told on a hastily convened call that KPMG would axe about 440 assistant manager roles in the firm’s audit business, out of a total of 590 roles that are “at risk” within the division, according to people familiar with the matter.

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    KPMG Layoffs: Company Set To Cut Up to 440 Audit Roles in UK Amid Consulting Slowdown and Digital Shifts

    London, March 30: KPMG UK has announced plans to reduce its workforce by approximately 440 roles within its audit practice, marking a significant restructuring for the "Big Four" accounting firm. The decision comes as the professional services sector faces a cooling demand for consulting and advisory work, coupled with a broader effort to streamline operations and enhance long-term profitability.

    The proposed layoffs represent roughly 6% of the firm's UK audit staff, which currently totals more than 7,000 employees. While the audit sector has traditionally been seen as a stable revenue driver, the firm has indicated that the current economic climate and internal performance targets necessitate a "right-sizing" of the department to maintain a competitive edge. Tech Layoffs 2026: Meta, Amazon, and Epic Games Slash Workforce Amid Strategic Industry Realignments.

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  • KPMG partner fined for using AI to cheat – on an AI test | KPMG partner fined over using AI to …

    KPMG partner fined for using AI to cheat – on an AI test | KPMG partner fined over using AI to …

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    KPMG partner fined for using AI to cheat – on an AI test

    More than two dozen KPMG Australia personnel have used artificial intelligence to cheat on internal exams since July, including a partner who will be fined more than $10,000 for using the technology in a training course about AI.

    The big four accounting firm has upgraded its processes to detect AI cheating after putting in place policies and extra policing to tackle widespread cheating on internal tests between 2016 and 2020.

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    KPMG partner fined over using AI to pass AI test

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