Macquarie commences formal enquiry into KPMG
Make us a preferred source
Make us a preferred source on Google
The news: Macquarie has commenced formal enquiries of its incoming external auditor KPMG, following allegations by a whistleblower that it misused client information to win contracts, chair Glenn Stevens told its annual general meeting (AGM) today.
The context: Stevens said the board was enquiring on KPMG’s ongoing capability and capacity to deliver Macquarie’s audit; and an assessment of the integrity of the involvement of KPMG in Macquarie’s audit tender process supported with an external review by Allens under a scope agreed by Macquarie.
In November 2025, Macquarie announced KPMG was its recommended auditor and would commence at the beginning of FY28, subject to regulatory consents and approval from shareholders at next year’s AGM.
At last year’s AGM, Stevens dismissed discussion of its KPMG audit contract as “silly talk”. At the time, shareholders were questioning the independence of director Michelle Hinchliffe and the group’s decision to award $75 million a year in business to her former employer.
On Thursday, Stevens said the board unanimously recommended KPMG during the tender. He also noted that Hinchliffe attended an equal number of presentations for each tendering firm, and recused herself from any scoring of the firms and in the decision to appoint KPMG.
What they said: “We remain confident in the way we ran a robust tender process and the balance we sought throughout between utilising Michell’s global expertise and managing her potential conflicts, which she fully disclosed,” Stevens said.
The source: Macquarie AGM
