KPMG Australia holds legal privilege on 74 audit documents
- KPMG Australia is withholding 74 audit-related documents from the corporate regulator by claiming legal professional privilege.
- Negotiations are underway between KPMG Australia and the corporate regulator to establish a voluntary agreement for confidential document access.
- The audit firm seeks to resolve regulatory compliance questions while maintaining legal protections across its client engagements.
KPMG Australia is negotiating a voluntary disclosure agreement with the Australian Securities and Investments Commission to hand over confidential audit materials.
The regulator stated that KPMG Australia previously submitted reports under a voluntary framework but kept back 74 documents under privilege claims.
"To date, ASIC has not pressed for production of the itemised material," said the Australian Securities and Investments Commission in a letter.
The withheld items include 68 director documents alongside six engagement files.
The corporate regulator will decide whether to compel document production as its investigations move forward.
The committee surveyed major corporate clients to determine if KPMG Australia disclosed all relevant records.
The accounting firm offered to provide client companies with access to relevant information upon request.
