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KPMG Australia has sanctioned seven employees with financial penalties reaching A$180,000 (US$126,000) following an internal investigation into misconduct involving the misuse of confidential client information for audit contracts.
KPMG Australia has appointed Michael Ebeid as its first independent chairman following a major audit scandal involving misuse of confidential client information. The move has drawn sharp criticism from parliamentarians who question his objectivity.
Australia is weighing radical reforms to its accounting sector, including potentially breaking up the Big Four firms and capping partnership sizes, after repeated conduct scandals damaged public confidence.
KPMG Australia is undertaking sweeping leadership changes with the chair and multiple partners departing, following serious allegations that the firm improperly leveraged confidential client data to win new business contracts.