Macquarie Win Secures KPMG's Lead in ASX20 Audits
KPMG Australia is set to become the dominant auditor of the country’s largest publicly listed companies after securing the prestigious Macquarie Group audit from PwC Australia. The announcement was made on Friday and marks a significant triumph for KPMG.
The Macquarie audit is considered the most sought-after auditing contract in Australia, valued at nearly $75 million in annual fees. Of this, the Australian segment of the global auditing work accounts for 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 victory deals a notable setback to PwC, a major competitor among the big-four auditing firms.
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Author’s summary: KPMG's acquisition of the Macquarie audit strengthens its hold over Australia’s top companies, surpassing PwC with a highly lucrative $75 million contract.
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