Key facts
- Leaders from Macquarie Group and Westpac will testify before Australian lawmakers on Friday.
- The hearing is part of a probe into allegations that KPMG misused client data to win audit contracts.
- Optus CEO and Dexus chair will also provide testimony.
- The scandal has led to resignations of KPMG's CEO, audit boss, and chairman.
- KPMG confirmed the misuse of internal documents.
- Westpac director Peter Nash resigned due to his ties with KPMG.
Leaders from major Australian companies, including Macquarie Group and Westpac, are scheduled to testify before lawmakers on Friday as part of an inquiry into alleged misconduct by accounting firm KPMG. The probe centers on accusations that KPMG staff misused confidential client data to secure lucrative audit contracts.
Macquarie's chairman and chief financial officer, along with Westpac's audit committee chair, have been summoned to appear before the committee. The hearing will also include testimony from the CEO of telecommunications provider Optus and the chair of property firm Dexus. This parliamentary session marks the second inquiry since whistleblower claims emerged in March.
The scandal has already prompted significant changes within KPMG, including the resignations of its CEO, audit chief, and chairman. The firm has confirmed the "unacceptable" misuse of internal documents, leading to sanctions or departures for implicated staff. Senator Deborah O'Neill, who chairs the committee, emphasized the importance of documenting the negative impact of audit failures on corporations.
Specific allegations include the misuse of confidential client files from Lendlease to win audit work with Westpac and Dexus. Westpac director Peter Nash has resigned from the bank's board due to his past connections with KPMG. Macquarie has initiated a review of its audit contract awarded to KPMG in November 2025, particularly concerning a director's long-standing association with the firm. At a previous hearing, former KPMG chairman Martin Sheppard confirmed that Optus data was misused in an unsuccessful bid for work with a rival firm.