Australia watchdog reviews Big Four audit complaints amid KPMG probe
ASIC Investigates Audit Conduct and Whistleblower Allegations
Overview of the Review
July 9 (Reuters) - Australia's corporate regulator said on Thursday it had begun reviewing audit conduct complaints received by the Big Four accounting firms KPMG, Deloitte, EY and PwC after recent allegations of auditor misconduct at KPMG.
Background of the KPMG Investigation
The review follows the Australian Securities and Investments Commission's (ASIC) formal investigation, launched in June, into three KPMG Australia partners over whistleblower allegations that the firm misused confidential client data to win lucrative audit contracts.
Scope of the Surveillance
Internal and Whistleblower Complaints
The surveillance will examine internal complaints, including whistleblower complaints, received by the firms in connection to the external audit services they provide, ASIC said in its statement.
Focus on Auditor Misconduct
Misuse and Sharing of Confidential Information
The review will also include whether the firms have received complaints relating to misconduct by auditors, such as the misuse or sharing of confidential information, the regulator added.
Industry Response
All four firms did not respond immediately to Reuters' requests for comment.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Tasim Zahid and Maju Samuel)
