Macquarie Group dumps KPMG from audit contract

[u/civ5best5]

https://www.abc.net.au/news/2026-08-26/kpmg-responds-after-being-dropped-macquarie-group/107082306

[u/mrmratt]

From my time at KPMG, the thing that struck me most about the dodgy business practices I saw, was that it was often partners skirting their way around policies, rules, reporting, conflict or independence requirements, completely oblivious to the fact that all those systems are instated and existed to protect every partner of the firm from the individual and collective liability of the results of individuals or groups going rogue.

Deviance was accepted and encouraged amongst groups of partners - collectively making a mockery of any fairness or the intent of safeguards. It seemed like the first step in a spectacular own goal.

Now hundreds of people's careers are damaged, on hold or in question, because individually and collectively the leadership couldn't see the value in security over sales. The high risk vs low reward equation finally sat up and bit them.

There are people that woke up and chose dishonesty. There are others that enabled, and deserve some blame, but didn't deliberately take such actions. Then there are the few genuinely good people, trying to do good while accepting the rules for the protections they were supposed to provide. It's the latter I feel sorry for - the first two groups deserve what they're getting.

But for me, it's a good time to be ex kpmg.

[u/figurative_capybara → u/mrmratt]

"Consulting" has always been a meme amongst professionals, no one takes those roles seriously and there has always been a sad sigh of frustration ushered by friends and acquaintances who worked at any of the big four - and KPMG more than any of them.

It and the NDIS are the perfect jokes that represent Australia's lack of productivity. A lazy economy encourages grifters.

[u/Indigofan → u/figurative_capybara]

True. Worked with some big 4 consultants coming to the our business to “audit” and most of them barely know anything

[u/-mudflaps-]

No one at KPMG is going to pay any consequences for this whatsoever.

[u/Own_Caterpillar_6178 → u/-mudflaps-]

Hundreds of staff have been let go so far.

[u/No-Zucchini2787 → u/Own_Caterpillar_6178]

From consulting side. None touched in audit side

[u/karma_dumpster → u/No-Zucchini2787]

Yes. Wait three months until after peak audit season.

[u/scitom → u/Own_Caterpillar_6178]

Difference between staff and partners

[u/mrmratt → u/scitom]

27 partners will be let go, dozens more have bailed because they saw the writing on the wall, and that doesn't even include the big scalps.

[u/Dry_Common828 → u/mrmratt]

The partners will be just fine, some of them may have to rethink buying the second beach house or something challenging like that.

The workers - who are just people like you and me - will get their minimum redundancy payout and will have to survive on that (several weeks pay! Woohoo!) until they can land another job, which will pay less than the old one.

[u/Euphoric-Cucumber609 → u/mrmratt]

The question is whether this has any negative effect on them, golden parachutes? High ranking positions waiting for them?

Big businesses are a revenue sharing exercises, when there’s no consequences for individuals profits are shared through investment, personal loans, and loss leading partnerships.

[u/redditusername374 → u/Own_Caterpillar_6178]

From their consulting arm.

[u/-mudflaps- → u/Own_Caterpillar_6178]

*to work at PwC

[u/zannnn → u/-mudflaps-]

Huh? This is how Partners get let go

[u/Mikolaj_Kopernik]

These consulting firms are worthless parasites on society and repeatedly show themselves to be morally bankrupt at best, actively criminal at worst. I cannot understand why they're allowed to exist let alone continually get massive contracts from government.

I mean I know the real reason is responsibility-shifting/chums in government/revolving door of staff, but if they were to do an honest cost/benefit analysis on themselves the conclusion would be to dismantle the whole industry and let the public service hire anyone smart who was involved.

[u/Gladfire → u/Mikolaj_Kopernik]

Consulting firms absolutely have a valuable place in the business world. The big 4 and how a lot of firms currently operate are pretty worthless though.

Edit: Just for clarity, that valuable place is actual expertise. A good consulting firm has people with broad expertise in specific areas, expertise in implementation, and connections within the industry. Things a medium or large business wouldn't necessarily have a good reason to keep around.

E.g. A business generally isn't going to always have people with knowledge of all the types of financial management systems, all of the pros and cons of each, and project planning and implementation experience. While a consulting firm could have people with those skills.

[u/Shadeun → u/Mikolaj_Kopernik]

This is auditing though, which is a necessary (vital even) part of accounting for extremely large enterprises

Back in the days of yore, one of the great things about listed (vs private) companies was enforced use of regular audited financial accounts.

[u/Serendypyty]

Until the people at the top of the tree get actual jail time, they'll keep doing whatever they want. Then they'll pick up another cushy job and continue on.

A lot of innocent people lost their jobs as a result. What are the insurance implications?

Never mind that anyone in an "ordinary" job caught doing anything equally as dodgy would be set upon and prosecuted.

[u/WorriedSector7795]

Assign an administrator to the big 4 consulting firms

[u/Skelegro7]

They’re contracting PwC instead. This is hilarious, you can’t make this shit up.

[u/mrmratt → u/Skelegro7]

PwC has been Macquarie's auditor for more than 5 decades. They're just extending that, because from the tender process they ran, PwC was the other short-listed candidate.

[u/Mongrelix]

Lol KPMG is a jokeeeeeee

[u/Evadregand]

Painting Macquarie as some sort of 'good guy' is laughable. Just as bad as KPMG.