The Parliamentary Joint Committee on Corporations and Financial Services (PJC) has called the resignation of KPMG chair Martin Shepphard, senior audit partners Eileen Hoggett and Paul Rogers, and the release of an ‘action plan’ as a justification of allegations of misconduct, “in the national interest”.
“The specific allegations raised by the KPMG whistleblower continue to expose significant systemic and structural flaws in the governance and operations of KPMG and the audit and consultancy industry,” the committee said in a statement.
Also reportedly identified was “a fundamental lack of ethical and professional standards in the delivery of services that are integral to ensuring the stability and integrity of Australia’s financial system and markets”.
The committee acknowledged the matters were brought to light “in service of the public interest”, and noted the professional and personal risk of calling out unethical and dishonest behaviour.
“The committee again expresses its admiration and extends its thanks to this individual for their honesty, courage and resilience in bringing these matters into light.”
In its statement detailing an ‘action plan’, KPMG revealed an intention to appoint an independent board chair for the first time in light of the most recent resignations.
The firm also acknowledged the Department of Finance's Independent review, highlighting its intention to fully co-operate.
Correspondence received on 18 June and published 23 June from senator Katy...
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