Macquarie Win Positions KPMG to Lead ASX20 Audits
KPMG Australia is set to become the leading auditor of the country's largest listed companies following its successful bid to secure the Macquarie Group audit, previously held by PwC Australia.
Significance of the Macquarie Audit
The Macquarie audit is the most prestigious and valuable auditing contract in Australia, generating nearly $75 million in annual fees. The segment of this global work performed in Australia alone accounts for approximately $30 million.
Impact on the Auditing Industry
- KPMG's win is a significant achievement that strengthens its position against PwC, a major competitor in the global 'big four' auditors.
- This contract underscores KPMG’s growing influence over the auditing of top-tier listed companies on the ASX20 index.
The win "is a major victory for KPMG and a blow to its big-four rival PwC, given the Macquarie audit is the most coveted and valuable auditing gig in the country."
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Summary
KPMG’s acquisition of the Macquarie audit cements its dominance in auditing Australia’s largest corporations, delivering a substantial boost against its big-four competitors.