KPMG Australia ban extended until October

• KPMG Australia's agreement to not bid on new Commonwealth contracts was extended by one month to Oct. 31.
• As an unlisted partnership, KPMG Australia does not trade on public stock exchanges, meaning no share price exists to reflect market impact.
• The Department of Finance extended the voluntary ban to allow an independent review by former public servant Ian Watt to conclude by Oct. 9.

KPMG Australia agreed to extend its self-imposed ban on bidding for new Australian federal government contracts until Oct. 31.

The temporary suspension was originally scheduled to end on Sept. 30 following an agreement reached earlier in the year.

"Consistent with previous advice, under this agreement, Commonwealth officials should not be entering into any contracts with KPMG Australia for any approaches to market which close between June 16 and Oct. 31," said the Department of Finance.

The Department of Finance requested the extra month to allow an independent review led by former senior public servant Ian Watt to finish by Oct. 9.

Following the announcement, KPMG Australia had no share price movement because the firm operates as a private partnership rather than a publicly traded entity.

KPMG Australia has been barred from bidding on new public sector deals since June 16 following public fallout from audit practice failures.

The extended ban excludes pre-existing active agreements, proposals lodged prior to June 16, or ongoing licensing for proprietary software tools.