Home / Business and Economy / Macquarie Backs PwC, Drops KPMG Amid Scandal
Macquarie Backs PwC, Drops KPMG Amid Scandal
26 Aug
Summary
- Macquarie Group will replace KPMG with PwC as its auditor.
- The auditor change will take effect starting the 2027 AGM.
- This decision intensifies challenges for KPMG Australia.
Macquarie Group Limited has decided to continue its relationship with PricewaterhouseCoopers as its auditor. This decision notably excludes KPMG Australia from being recommended as the auditor for Macquarie's 2027 annual general meeting. The move is seen as an exacerbation of the significant challenges currently confronting KPMG Australia.
This development signifies a critical juncture for KPMG, as it navigates a widening scandal that has already impacted its reputation and operations. Macquarie's reaffirmation of trust in PwC indicates a strategic preference amidst industry turbulence.
The financial services firm's stance will likely influence other entities considering their auditing partnerships in the near future.
