Macquarie Win Positions KPMG to Lead ASX20 Audits
KPMG Australia is set to become the leading auditor for the country's largest listed companies after securing the prestigious Macquarie Group audit from PwC Australia. This victory marks a significant achievement for KPMG and represents a setback for its big-four competitor, PwC.
Significance of the Macquarie Audit
The Macquarie audit is regarded as the most desirable and valuable auditing contract in Australia, generating nearly $75 million in annual fees. Of this, approximately $30 million pertains to the Australian segment of the global audit work.
The Macquarie audit "is the most coveted and valuable auditing gig in the country, worth almost $75 million in annual fees."
Impact on the Auditing Sector
- KPMG's acquisition of the Macquarie audit finalizes its position as the dominant auditor of Australia's top listed companies.
- PwC loses a key client, marking a notable shift in the competitive landscape among the big four auditing firms.
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Author’s summary: KPMG’s recent win of Macquarie’s $75 million audit contract cements its dominance over Australia’s largest listed companies, edging out PwC in the competitive big-four auditing market.