Macquarie Win Positions KPMG to Lead ASX20 Audits
KPMG Australia is set to become the leading auditor of the nation’s largest publicly listed companies after securing the prestigious Macquarie Group audit from PwC Australia. This development marks a significant triumph for KPMG and a setback for its big-four competitor, PwC.
The Macquarie audit is highly sought after and represents the most valuable auditing contract in Australia, with annual fees nearing $75 million. The portion of this global audit work performed within Australia is valued at approximately $30 million.
The win “is a major victory for KPMG and a blow to its big-four rival PwC,” highlighting the importance of the contract in the auditing industry.
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Summary
KPMG’s acquisition of the Macquarie Group audit strengthens its position as the dominant auditor in Australia’s top-tier market, signaling a shift in the big-four audit landscape.
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