Macquarie Win Puts KPMG on Track to Dominate 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 shift in the Australian auditing landscape.
The Macquarie audit is highly sought after and represents the most valuable auditing contract in the country, generating nearly $75 million in annual fees. The Australian segment of this global auditing work accounts for about $30 million.
The win, announced on Friday, is a major victory for KPMG and a blow to its big-four rival PwC.
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Author's summary: KPMG's acquisition of the lucrative Macquarie audit signals its rising dominance over Australia's top publicly listed firms, disrupting PwC’s stronghold.
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