KPMG Australia today announced leadership changes, a governance overhaul and a comprehensive action plan to address integrity issues and strengthen accountability across the firm.

The actions include:

• Departures and leadership changes
• A major governance restructure, including the appointment of its first independent Chair, and additional independent directors
• An immediate external lessons-learned review into the whistleblower matter and related failings
• A comprehensive action plan focused on governance, culture and ethics, and controls

The measures are designed to address identified failings, improve oversight and controls, and begin the work of rebuilding confidence in the firm.

Two Audit Partners, Paul Rogers and Eileen Hoggett, are leaving the firm.

The firm will overhaul its governance arrangements, including appointing its first independent Chair. It will also appoint independent members to the Australian Board and ensure a balance between KPMG representatives and independents. The firm will review and update the Board’s role and remit in line with corporate governance best practice. This will include involving independent Board members in new sub-committees focused on priority areas such as audit quality, ethics, whistleblower oversight and other matters of public interest.

National Chairman Martin Sheppard supports the need for a change in governance, including an independent Chair and has announced that he will leave the firm shortly. A short transition period...

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