KPMG Australia chairman Martin Sheppard has become the latest executive to quit as the misconduct scandal engulfs the embattled consultancy firm.
KPMG on Tuesday announced Mr Sheppard’s exit among sweeping changes to “address identified failings, improve oversight and controls, and begin the work of rebuilding confidence in the firm”.
He will be replaced by an independent chair – the first in the company’s history.
It also announced that two audit partners, Paul Rogers and Eileen Hoggett, would leave the firm.
“The decisions announced today are necessary and immediate,” interim chief executive Stan Stavros said in a statement.
“We did not meet the standards expected of us, and we recognise the impact this has had on the whistleblower, our people, our clients and the community.
“We are acting where it matters: changing leadership, strengthening independent governance, commissioning external reviews, improving whistleblower oversight, tightening controls and reinforcing accountability across the firm.
“Trust will only be rebuilt through sustained action and demonstrable change.”
He added that KPMG was “determined to confront what went wrong, act transparently and ensure these failings are not repeated”.
KPMG partners are accused of sharing sensitive, unredacted corporate data internally to help the firm pitch for and win auditing contracts from rival companies.
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