Macquarie Win Positions KPMG to Lead ASX20 Audits
KPMG Australia is set to strengthen its dominance among the nation’s top publicly listed companies after securing the highly sought-after Macquarie Group audit from PwC Australia. The announcement, made on Friday, marks a major milestone for KPMG and a setback for PwC.
The Macquarie audit is regarded as the most coveted and valuable auditing engagement in Australia, estimated at nearly $75 million in annual fees.
Of that total, around $30 million is attributed to the Australian segment of the global auditing work. The win reinforces KPMG’s position as a leading player in the auditing sector for ASX20 companies.
- KPMG gains significant competitive advantage in the audit sector.
- PwC loses a longstanding and high-profile client.
- Macquarie’s audit reflects one of the largest annual professional service fees in the country.
Author’s Summary
KPMG’s victory in securing the Macquarie Group audit strengthens its lead over rivals and cements its dominance in major Australian corporate auditing.
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