Macquarie win puts KPMG on track to dominate ASX20 audits
KPMG Australia is set to strengthen its role as the top auditor among the nation’s largest listed companies after securing the highly profitable Macquarie Group audit from PwC Australia.
The deal, announced on Friday, marks a significant victory for KPMG and a setback for its main Big Four competitor, PwC. The Macquarie audit is considered the most prestigious and valuable assignment in the Australian market, with total annual fees estimated at nearly $75 million.
“The Australian part of the global auditing work is worth about $30 million.”
The gain positions KPMG for greater dominance among ASX20 firms, underscoring its rising influence in Australia’s competitive audit landscape.
Author’s Summary
KPMG’s win of the Macquarie Group audit from PwC signals a turning point, solidifying its dominance in auditing Australia’s largest listed companies.