ANZ ends nearly 60-year audit partnership with KPMG
ANZ ended KPMG's $29 million annual audit contract. The relationship had lasted almost six decades. This decision came because of how the firm handled a whistleblower scandal.
ANZ's board decided to open its audit contract for tender. This ended a relationship that began in 1969.
KPMG's global general counsel Anne Collins left her role on Friday. This happened while the firm faces scrutiny.
A whistleblower alleged in 2024 that senior KPMG partners misused confidential information to win business. Senator Deborah O'Neill made the claims public in March.
Other major clients like Macquarie Bank have since abandoned KPMG. A professional review found no critical faults but recommended KPMG improve ethics training and governance.
The tender process will end by April 2027. A new auditor will be in place by 2029.
- $29 million annually
- Audit contract value
- Since 1969 (nearly 60 years)
- Partnership duration
- 2024
- Whistleblower allegation date
- March 2026
- Public disclosure date
Why it mattersMajor corporations shifting auditors shows a loss of confidence in KPMG's independence and reliability. Auditor integrity is key to confidence in Australia's financial system.
AustraliaAustralia's biggest companies now face questions about which firms can safely hold their most sensitive financial information, with KPMG's standing among Australia's financial elite severely damaged.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
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