Macquarie reviews KPMG audit amid 130,000 document probe
- A parliamentary enquiry revealed emails indicating KPMG shared confidential client documents to secure new corporate contracts.
- The allegations prompted major Australian companies, including Macquarie, to formally review their external audit contracts.
- KPMG executives stated the firm is investigating the claims while implementing stricter internal controls to retain clients.
Macquarie (ASX:MQG) is reassessing its KPMG audit appointment after an enquiry prompted a review of 130,000 internal communications.
This parliamentary investigation contrasts with previous statements from KPMG asserting that whistleblower data sharing allegations were unsubstantiated.
"We probably need to land that within the next few months," said Macquarie Chair Glenn Stevens.
Law firm Allens is examining the communications to determine if KPMG inappropriately accessed data during the tender.
Pending the final audit contract decision, following the announcement, the Macquarie share price was unchanged at $260.690.
This audit uncertainty follows the initial decision by Macquarie to replace its incumbent auditor of 50 years.
Other major corporate clients, including Dexus (ASX:DXS) and Westpac (ASX:WBC) are also re-evaluating their ongoing accounting contracts.
