ASIC probes KPMG Australia partners over client data usage

▤ Summary

ASIC has opened a formal probe into three KPMG Australia partners over allegations that confidential client documents were misused to win audit mandates. The inquiry follows whistleblower claims that KPMG board papers may have been used in bids involving major clients such as Westpac and Dexus. KPMG has already run an internal review and then brought in external counsel to investigate the allegations. The Reserve Bank of Australia is also reportedly considering ending KPMG Australia’s whistleblower hotline work, which could create follow-on advisory and compliance work for competing firms.

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