Major bank drops KPMG in wake of audit leaks scandal – as it happened | ANZ drops KPMG from aud…

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Major bank drops KPMG in wake of audit leaks scandal – as it happened

ANZ dropped KPMG in the wake of the audit leaks scandal that rocked the corporate world earlier this year. 

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It was a fairly business end to the week, with ANZ dropping the bombshell that it was cutting ties with its long-time auditor KPMG just a few weeks after Macquarie did the same.

ANZ drops KPMG from audit job as accounting body fails to land a hit

ANZ has dropped KPMG after almost 60 years of it holding the $29 million contract to audit the bank’s accounts, in a fresh blow to the consulting firm that is dealing with the fallout from a damaging whistleblower scandal.

But despite the allegations roiling the firm, the professional body charged with upholding the standards of auditors has made no critical findings about KPMG in a report published on Friday afternoon.

An anonymous KPMG whistleblower warned the firm of a raft of serious allegations in 2024, including that senior partners had misused confidential information to win work, but his claims were dismissed until Senator Deborah O’Neill went public with the allegations in March.

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