KPMG Australia CEO John Sams told a parliamentary committee on Friday that the firm had "absolutely failed" a whistleblower who had raised concerns about the firm misusing confidential client information to win more audit work, as the committee's chair questioned the firm's partnership structure.
KPMG Australia CEO John Sams told a parliamentary committee on Friday that the firm had "absolutely failed" a whistleblower who had raised concerns about the firm misusing confidential client information to win more audit work, as the committee's chair questioned the firm's partnership structure.
Allens and Ashurst Perkins Coie defended their legal advice and whistleblower investigations for KPMG Australia, despite senators at a parliamentary inquiry on Friday describing Ashurst's reports as "unsatisfactory" and Allens' work as "very poor."
Construction supplier Boral has been found liable for continuous disclosure breaches over its failure to correct flawed earnings guidance in a class action in the Federal Court of Australia, with penalties to be decided following an upcoming High Court ruling on market causation in the Commonwealth Bank of Australia shareholder case.
Senior executives at KPMG Australia clients Macquarie and Dexus told a parliamentary joint committee on Friday they are considering retendering their audit contracts amid the auditing giants continued lack of transparency over misuse allegations with key information emerging through the media and senators.
Former KPMG senior executives have rejected claims they failed to carry out their professional obligations and uphold ethical standard during a parliamentary joint committee investigating whistleblower allegations on Friday.
Liberal Senator Dave Sharma has used parliamentary privilege to accuse Diversa Trustees of "astonishing arrogance" for awarding large management bonuses while members invested $300 million into the collapsed First Guardian, and calling for swift regulatory action.
KPMG Australia said that it supports licensing audit firms but warned against banning auditing firms from offering non-auditing services or forcing them to impose operational or structural separation between those offerings, in its response to an inquiry driven in part by its own handling of whistleblower allegations.
Australian private companies' exit deals are increasingly including minority stake sales and special purpose investment funds as sovereign wealth funds expand into the market, according to an HSF Kramer report analysing deals it acted on in 2025.
The Federal Court of Australia has admitted to underpaying almost 250 of its casual employees due to a "payroll configuration issue," requiring about $77,000 in remediation payments.
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