KPMG reviews staff and costs in wake of audit leak scandal

The news: KPMG is reviewing its cost base and workforce ahead of the 2026-2027 financial year, a spokesperson told the AFR.

The context: The consultancy firm, which has approximately 9000 staff, is reportedly assessing client bookings in the aftermath of the audit leak scandals and looking for ways to offset lost revenue. In June, it was banned from bidding on government contracts until the end of September and other clients have also cut ties. Two unnamed sources told the AFR that management was now looking at cutting at least several hundred jobs and reducing its 700 partners’ pay by up to 20%, while KPMG itself said no decisions had been made yet.

What they said: The firm is reviewing its “operating model, cost base and workforce needs” to make sure it was “well positioned for the challenges ahead,” a spokesperson said.