The corporate watchdog has revealed its probe into the whistleblower scandal at KPMG now includes companies controlled by the accounting and consulting giant, and potentially these companies’ directors.
The directors, who were on the boards of KPMG’s corporate entities since the initial complaint was made in 2024, include former NSW premier Mike Baird and senior KPMG executives who have resigned over the growing scandal.
The extent of the Australian Securities and Investments Commission’s (ASIC) investigations into KPMG was unclear until now, as it does not regulate partnerships, a business structure used by auditors.
Confirmation that ASIC is investigating companies controlled by KPMG – as well as some of its auditors – means the watchdog’s investigation will not be limited by the fact it does not regulate partnerships.
KPMG has been under siege after admitting that some of its staff accessed confidential information from corporate clients to win business – a serious breach of trust in the world of auditing that is essential to the integrity of financial markets.
In response to questions on notice from Greens senator Barbara Pocock, ASIC confirmed it is using its jurisdiction over corporate entities linked to the KPMG partnership, and their boards, for potential wrongdoing in relation to the whistleblower scandal.
It specifically mentioned an investigation into potential breaches of corporate law relating to the protection of whistleblowers without mentioning which KPMG...
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