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Macquarie and Westpac to face lawmakers in KPMG audit probe
Leaders from major Australian companies, including Macquarie Group and Westpac, are set to appear before lawmakers on Friday as part of a parliamentary probe into allegations that KPMG misused client data to win audit contracts.
According to Reuters, Macquarie's chairman and chief financial officer, and Westpac's audit committee chair have been summoned, with the day-long hearing also including testimony from telecoms provider Optus' CEO and the chair of property firm Dexus.
The hearing is the second since whistleblower accusations surfaced in March, alleging that KPMG staff used inside information to secure lucrative audit work for companies including Macquarie, Westpac, Optus and Dexus.
Reuters reported the scandal has already triggered leadership shakeups at KPMG, including resignations of the firm's CEO, audit boss and chairman, as well as exits or sanctions for staff involved after the firm acknowledged “unacceptable” misuse of internal documents.