Macquarie drops KPMG from $95M audit contract
- Macquarie Group cancelled plans to transfer its annual audit contract to KPMG following an internal board review.
- The decision leaves PwC as the bank's auditor for at least five more years, preserving a relationship valued at $95 million annually.
- Macquarie cited concerns over partner departures and corporate culture at KPMG following an ongoing data misuse scandal.
Macquarie Group (ASX:MQG) has cancelled plans to award its $95 million annual audit contract to KPMG.
The decision reverses a November selection that would have seen KPMG take over the audit from long-time provider PwC in 2028.
"I recognise that this news will be difficult for many of our people, particularly those who worked on the tender and transition, but we will rebuild confidence by facing the issues directly, learning from them and delivering lasting change," said KPMG CEO John Sams.
The bank stated that recent senior staff departures and cultural issues at KPMG reduced confidence in the firm's capacity to deliver the audit.
Following the announcement, the Macquarie Group share price was unchanged at $252.77.
PwC earned about $70 million for direct auditing services and $25 million for managed funds from the bank in the 2026 financial year.
The cancellation follows a broader restructuring at KPMG that included cutting 5% of its workforce and reducing partner pay by 13%.
