the ongoing scrutiny of KPMG<\/a> and said the board held concerns over the firm’s auditing practices.<\/p>\n“The decision follows continued scrutiny of KPMG Australia\u2019s audit practice, including information exposed by the Parliamentary Joint Committee on Corporations and Financial Services,” the statement said.<\/p>\n
“It also follows Macquarie\u2019s formal enquiries of KPMG to consider its capacity to deliver the audit, as well as the nature and impact of ongoing issues at KPMG Australia.”\u00a0<\/p>\n
At Macquarie’s 2027 Annual General Meeting, the board said they will recommend retaining PwC as the incumbent auditor.<\/p>\n
KPMG also released a statement acknowledging the decision.\u00a0<\/p>\n
“While disappointed by the outcome, KPMG respects the decision taken by Macquarie,” the statement read.<\/p>\n
KPMG CEO John Sams said Macquarie’s announcement was “a clear reminder that the consequences of our past failings are real”.\u00a0<\/p>\n
“Rebuilding trust will require sustained action, transparency and time. I am committed to leading this change with honesty, transparency and urgency,” he said.<\/p>\n
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