A parliamentary inquiry into the audit leaks scandal at the Big Four accounting firm KPMG has heard from several major companies that they have doubts about the firm's trustworthiness and whether it should be able to continue delivering their audits.
This morning, corporate leaders from Macquarie Group, Westpac, Optus and Dexus appeared before a parliamentary committee examining how KPMG audit partners allegedly misused client data and then mishandled a whistleblower's complaint about it.
In March, Labor senator Deborah O'Neil shared with parliament a whistleblower's allegations, which included that confidential board papers from Lendlease were used to support bids for major audit tenders for Westpac and Dexus.
The Parliamentary Joint Committee on Corporations and Financial Services, chaired by Senator O'Neill, quizzed executives and directors from companies that have awarded lucrative multi-million-dollar contracts to KPMG.
Macquarie chairman Glenn Stevens told the inquiry the company was reviewing whether KPMG should win the company's $75 million-plus annual audit contract.
Macquarie has faced intense investor pressure since it was revealed that the board's audit committee chair, Michelle Hinchliffe, a former senior KPMG partner, had attended meetings while the company was deciding who would win its audit contract.
The firm had shortlisted PwC, its auditor for 32 years, and KPMG for the audit role. KPMG was formally awarded the Macquarie contract in November and is due...
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