Macquarie Group has retained PricewaterhouseCoopers as its auditor and abandoned plans to recommend KPMG Australia at its 2027 annual general meeting, citing concerns over audit practices.
The decision follows intense regulatory scrutiny of KPMG Australia after whistleblower allegations surfaced in March that staff used inside information to secure lucrative audit contracts. The allegations prompted a leadership overhaul at KPMG in mid-June, which included the resignation of the CEO, audit chief, chairman, and senior audit partners.
John Sams, KPMG Australia’s chief, acknowledged the decision in a statement, noting that Macquarie’s move highlights the significance of the firm’s ongoing transformation. He added that KPMG has launched a comprehensive review of its culture, reinforced governance structures, and implemented substantial leadership changes while cooperating with regulatory and parliamentary inquiries.
The Australian government and several blue-chip clients have intensified oversight of KPMG following the whistleblower claims, which have raised broader questions about industry-wide audit standards and ethical conduct in the sector.
