Macquarie Win Positions KPMG to Lead ASX20 Audits
KPMG Australia is set to become the leading auditor for the country’s largest publicly listed companies after securing the prestigious Macquarie Group audit from PwC Australia. This announcement was made on Friday and marks a significant triumph for KPMG.
The Macquarie audit is considered the most valuable and sought-after auditing contract in Australia, generating nearly $75 million in annual fees. The portion of this work attributed to Australia itself is approximately $30 million.
The Macquarie audit is the most coveted and valuable auditing gig in the country, worth almost $75 million in annual fees.
This win delivers a substantial setback to PwC, one of the other big-four auditors, as KPMG strengthens its foothold in the auditing landscape of major Australian corporations.
Summary
KPMG's capture of the Macquarie audit solidifies its position as the dominant auditor among Australia's top listed companies, while PwC faces a notable loss.