Finance

Macquarie Investigates Incoming Auditor KPMG Over Tender Process

Shivangi

Jul 23, 2026 2:45 PM IST

Category Finance

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Synopsis

The financial group has begun formal enquiries into KPMG's audit appointment, including an external legal review of the firm's involvement in the tender process.

Key Highlights

• Macquarie has begun formal questions for incoming external auditor KPMG.
• The inquiry follows whistleblower claims that KPMG had improperly used client data to obtain contracts.
• The board said it still has confidence in its conduct of the audit tender process.

Macquarie is undertaking formal inquiries with its new external auditor KPMG after receiving allegations from a whistleblower that the firm improperly used client information to secure contracts.

At the company's annual general meeting, Chair Glen Stevens said that the board plans to assess KPMG’s ongoing ability and capacity to put forward an audit for Macquarie.

Board Reviewing KPMG Appointment

Stevens said the board is also reviewing the integrity of KPMG’s role in Macquarie’s audit bid process, aided by an external review done by Allens under parameters outlined and approved by Macquarie itself.

Macquarie said KPMG would be its preferred external auditor, with an appointment due to begin from FY28, subject to pending regulatory consents and shareholder approval at next year’s AGM.

Stevens Defends Tender Process

During the tender, Stevens said KPMG was unanimously considered to earn endorsement from the board.

He also said that director Michelle Hinchliffe attended an equal number of presentations for each tendering firm, and that she did not participate in either scoring the firms or KPMG’s appointment decision.

Stevens said they were confident with how a competitive tender process was run and that overall balance of taking into account the broad scope of knowledge Michelle and managing her potential conflicts, which she fully disclosed.

Source: Capital Brief