ANZ Group to replace KPMG as auditor after nearly six decades
Australia's ANZ Group will replace KPMG as its external auditor after nearly six decades, launching a competitive tender process from which KPMG is ineligible. This decision follows increased scrutiny on KPMG due to whistleblower allegations of improper use of confidential information.
Why it matters
This significant change in a major bank's auditing arrangements reflects growing concerns over auditor independence and integrity, potentially signaling a broader trend among Australian companies to review long-standing audit relationships in the wake of recent scandals.
Australia's ANZ Group said on Friday it would launch a competitive tender for external audit services, with incumbent KPMG ineligible to participate after serving as the bank's auditor since 1969.
ANZ joins a growing number of Australian companies reviewing long-standing audit arrangements with KPMG, after Insurance Australia Group and Macquarie Group recently moved away from the firm.
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