Internal and external investigations continue regarding the treatment of a whistleblower and allegations of misconduct.

As related to recent coverage of the KPMG whistleblower probe and the resignation of chief executive Andrew Yates in Accounting Times’ sister brand, Accountants Daily, ASIC remains engaged in public hearings conducted by the Parliamentary Joint Committee on Corporations and Financial Services as it continues its inquiry into the Oversight of ASIC, the Takeovers Panel and the Corporations Legislation.

On Friday’s (29 May) hearing – and the joint committee's fifth since the matter was referred on 24 July 2025 – ASIC chair Joseph Longo and ASIC commissioners clarified the organisation’s current understanding of the situation, where it was most concerned, and what actions it is expected to take in the ongoing investigation.

Incidentally, the committee was informed of Yates’ resignation approximately 50 minutes into that hearing. When asked about his perspective on Lendlease’s advice to KPMG that its employees’ actions were “not acceptable”, Longo said: “It’s entirely understandable from Lendlease’s perspective that what happened was, to use Lendlease’s word, unacceptable”.

“There’s clearly a breach of what would normally occur between an auditor and its client here.”

Longo also said that the resignation of the firm’s head of audit, Julian McPherson, as well as that of Andrew Yates, was made independently of ASIC.

However, chair of the joint committee,...

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