Macquarie looks into KPMG’s auditing capacity after scandal
Macquarie Group Ltd. has launched formal inquiries into KPMG’s capacity to deliver its audit, seeking to reassure shareholders over the decision to hire the scandal‑hit accounting firm.
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The moves follow investor unease over Macquarie’s hiring of KPMG, which has faced misconduct allegations in recent months, and raised questions about the role of a director who was previously employed at the audit firm.
Macquarie is closely looking at the audit tender process, Chairman Glenn Stevens told shareholders at the bank’s annual meeting on Thursday.
The director Michelle Hinchliffe attended an equal number of presentations from each tendering firm and recused herself from scoring or from the decision to appoint KPMG, Stevens said.
Shareholders will only be able to vote on the choice of auditor at next year’s meeting. Macquarie had told the market in November that KPMG was its recommended auditor starting in fiscal 2028.
Since then, KPMG Australia has come under heavy scrutiny following allegations it used confidential client information to win audit work and mishandled internal complaints.
Stevens said Macquarie will review the integrity of KPMG’s involvement in the tender process, supported by external assessment. It will keep shareholders updated.
The bank remains confident it ran a robust process and struck the right balance between drawing on Hinchliffe’s global expertise and managing her potential conflicts, which she fully disclosed, Stevens said.
