One of the most telling exchanges from KPMG’s disastrous turn at a Senate public hearing this month did not even concern the current whistleblower scandal that is tearing the multibillion-dollar firm apart.
Acting KPMG Australia chief executive Stan Stavros was asked about his actions in a wholly separate scandal from 2021 that involved many of the same characters. It provides an uncomfortable reminder that this has become a recurring issue for a profession that claims to offer scrupulous integrity to its clients from big banks to charities, the Defence Department to super funds.
In 2021, it was KPMG partner Brendan Lyon who blew the whistle on a now discredited multi-billion dollar NSW rail entity, called the Transport Asset Holding Entity, which would have artificially inflated the state’s budgets by billions of dollars by shifting the rail network’s costs onto the obscure holding entity.
In his submission to a NSW parliamentary inquiry in 2022, Lyon detailed the bullying, ostracism and the forced exit from the firm he said he had suffered after he refused to change his report’s conclusion that the TAHE transaction would be a disaster for taxpayers.
Former KPMG Australia boss Andrew Yates, who abruptly resigned last month amid a growing whistleblower scandal at the firm, gets significant mentions in the 2022 submission. As chief executive in 2022, it was Yates who was forced to admit that “we did not get everything right with respect to the TAHE engagements”. He said the...
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