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Macquarie retains PwC as auditor, rejects KPMG over audit practices

Created at 26 Aug · 8:19 AM1 source↑ Market-relevant
IN SHORT

Macquarie Group will keep PricewaterhouseCoopers as its auditor and will not recommend KPMG for appointment at its 2027 annual general meeting due to concerns over KPMG's audit practices. The decision follows scrutiny of KPMG after whistleblower allegations.

Key Numbers

2027year of Macquarie's annual general meeting

Who's Involved

Macquarie Group
Australian financial services group retaining PwC as auditor
PricewaterhouseCoopers
Auditor retained by Macquarie Group
KPMG
Auditor rejected by Macquarie Group due to audit practice concerns
John Sams
KPMG Australia CEO committed to rebuilding trust

↳ Why This Matters

Macquarie's decision to reject KPMG as its auditor underscores the significant reputational damage and regulatory pressure KPMG Australia is facing, potentially impacting its ability to secure future business and highlighting the critical importance of audit firm integrity and governance.

Key facts

  • Macquarie Group will continue with PricewaterhouseCoopers as its auditor.
  • Macquarie Group will not recommend KPMG as its auditor for the 2027 annual general meeting.
  • The decision by Macquarie is due to concerns about KPMG's audit practices.
  • KPMG has been under scrutiny following whistleblower allegations regarding its audit contract acquisition methods.
  • KPMG has recently implemented leadership changes, including the departure of its CEO, audit head, and chairman.

Macquarie Group announced on Wednesday that it will retain PricewaterhouseCoopers (PwC) as its auditor and will not recommend the appointment of KPMG at its 2027 annual general meeting. The decision stems from concerns regarding KPMG's audit practices.

KPMG has been under intense scrutiny from the Australian government and its clients following whistleblower allegations in March that its staff used inside information to secure lucrative audit contracts. This controversy led to a significant leadership overhaul at KPMG in mid-June, with its CEO, audit boss, and chairman, along with senior audit partners, stepping down.

John Sams, the recently appointed chief of KPMG Australia, stated in an email to Reuters that Macquarie's decision highlights the importance of the extensive changes underway at KPMG. He added that the firm has initiated a thorough review of its culture, reinforced its governance structures, and is implementing substantial leadership changes while cooperating with regulatory and parliamentary reviews.

Frequently asked questions

Macquarie cited concerns about KPMG's audit practices, which have come under intense scrutiny following whistleblower allegations.

Whistleblower allegations in March claimed that KPMG staff used inside information to win audit contracts.

KPMG has undergone a leadership overhaul, is reviewing its culture, strengthening governance, and cooperating with regulatory reviews.

What Happens Next

01Macquarie Group will proceed with PwC as its auditor.
02KPMG will continue implementing its Action Plan for cultural and governance changes.
CME Headlines
  • September 2026 Delivery Date Memo - Effective August 24, 2026
    24 Aug · 4:34 PM

How It Developed

Macquarie Group stated it will retain PricewaterhouseCoopers as its auditor.
Macquarie Group will not recommend KPMG for appointment at its 2027 annual general meeting.
KPMG faced scrutiny after whistleblower allegations of using inside information to win audit contracts.
KPMG underwent a leadership overhaul in mid-June, with its CEO, audit boss, and chairman stepping down.
KPMG CEO John Sams acknowledged the decision as a reminder of past failings and committed to rebuilding trust.
KPMG is undertaking a review of its culture, strengthening governance, and making leadership changes.

Sources

T1
Macquarie sticks with PwC as auditor, drops plan to recommend KPMG AustraliaReuters
T2
Macquarie Group audit - kpmg.comkpmg.com
T2
Macquarie dumps KPMG, sticks with PwC in audit controversytheaustralian.com.au

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