Macquarie Win Positions KPMG to Lead ASX20 Audits
The Macquarie Group audit has become one of the most desirable and high-value auditing contracts in Australia, estimated at nearly $75 million per year in fees. Its Australian component of the global engagement is valued at approximately $30 million.
KPMG Australia is now positioned to become the leading auditor of the nation’s largest publicly listed companies, following its acquisition of the Macquarie Group audit from PwC Australia. The announcement, made on Friday, signifies a remarkable achievement for KPMG and a significant setback for its big-four competitor PwC.
“The win, announced on Friday, is a major victory for KPMG and a blow to its big-four rival PwC.”
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Author’s Summary
KPMG’s successful bid for the $75 million Macquarie audit strengthens its position as the leading auditor among Australia’s top listed companies.