Australia's corporate regulator ASIC has initiated an investigation into KPMG Australia following whistleblower allegations of misuse of confidential client data. The probe centers on misconduct by three partners, leading to scrutiny from clients and government agencies, echoing past issues with rival PwC.

• ASIC has initiated a formal investigation into three KPMG Australia partners following whistleblower allegations of misuse of confidential client data.
• The investigation has prompted blue-chip clients and government agencies to reassess their partnerships with KPMG.
• This situation arises just three years after a similar scandal involving PwC Australia, which shared confidential government information.
• Concerns are growing over ASIC's limited powers to take action against KPMG due to its partnership structure, amid increasing calls for transparency.

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