Macquarie Group Terminates Audit Contract With KPMG

The Macquarie Group has terminated its audit contract with KPMG, citing concerns over the accounting firm's auditing practices and ongoing scrutiny. The decision follows a parliamentary inquiry by the Parliamentary Joint Committee on Corporations and Financial Services regarding KPMG Australia's mishandling of client data.

Macquarie Group stated the move resulted from formal inquiries into the capacity of KPMG to deliver audits and the impact of its internal issues. The board now intends to recommend retaining PwC as the incumbent auditor at the 2027 Annual General Meeting.

KPMG CEO John Sams acknowledged the loss of the contract, stating it serves as "a clear reminder that the consequences of our past failings are real." Sams added that rebuilding trust will require "sustained action, transparency and time," and expressed a commitment to leading change with "honesty, transparency and urgency."