✓ The Sydney Morning HeraldMoney & Work

Macquarie dumps KPMG as auditor after whistleblower scandal

KPMG was removed as Macquarie's auditor. A Macquarie board member who used to work at KPMG had met with firm executives while KPMG was pitching for the job. Macquarie said she did not vote on the decision due to conflicts and found no wrongdoing, but decided KPMG could not be trusted to audit the bank.

Why it mattersAuditors are supposed to check company accounts and protect shareholders. When they have conflicts of interest, those checks break down.

AustraliaAustralian investors in Macquarie can expect more rigorous audit oversight under a new auditor, though the scandal raises questions about corporate governance standards.

✓ Claims checked against the source and corrected before publish. checked 2 h ago