KPMG scandal deepens Big Four accounting firms' woes in Australia
The Department of Finance will review KPMG’s governance and ethics while the firm remains barred from new Commonwealth work until Sept. 30, officials said.
- KPMG Australia agreed on Monday to cease bidding for new federal government work from June 16 through September 30, 2026, as the Department of Finance launches a review into the firm's governance, culture, ethics, and integrity.
- The freeze follows whistleblower claims aired by Labor senator Deborah O'Neill, alleging confidential client documents were used to pitch for audit contracts, which KPMG initially failed to properly investigate.
- Data reveals KPMG currently holds 297 active federal government contracts worth $653 million, while long-time client Lendlease confirmed it will drop the firm as auditor.
- Finance and Public Service Minister Katy Gallagher stated: "This review will closely examine whether KPMG breached the standards expected of government suppliers, and whether taxpayers were charged for work that fell short of those standards."
- On Friday, a parliamentary joint committee chaired by O'Neill will publicly interrogate how major corporate names and regulators remained unaware of the scandal for two years after initial complaints were first made.
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KPMG lost its clients’ trust, yet kept winning government contracts. Here’s what needs to change
This Friday, senior current and former leaders from major consulting and audit firm KPMG will face a barrage of questions at a parliamentary inquiry in Canberra. In March this year, Labor Senator Deborah O'Neill revealed a KPMG whistleblower had alleged KPMG partners secretly accessed confidential client information to help them win audit work from other companies. On Monday, the federal finance department announced it was conducting an independ…
KPMG scandal deepens Big Four accounting firms' woes in Australia
KPMG's audit-leak scandal is set to further dampen the prospects in Australia of the Big Four accounting firms, with data showing their new business revenue from the federal government already fell by almost half after a similar leak at PwC three years ago.
After the PwC scandal in Australia, the next giant of the Big Four is already under attack with KPMG. The misuse of data shakes the foundations of the large consulting companies.
Beleaguered KPMG referred to anti-corruption watchdog amid contract freeze
KPMG is facing a three-month freeze on new federal government contracts amid a worsening scandal over the treatment of a whistleblower, with the Greens now referring the beleaguered company to the national anti-corruption watchdog.
Exemptions the biggest feature of Canberra’s new business KPMG ban
The Big Four firm’s financial reporting models have slipped the noose as government agencies scramble to meet their EOFY obligations. The post Exemptions the biggest feature of Canberra’s new business KPMG ban appeared first on Crikey.
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