Macquarie Win Strengthens KPMG's Position in ASX20 Audits
KPMG Australia is poised to become the leading auditor for the nation’s largest publicly listed companies after securing the high-profile Macquarie Group audit from PwC Australia.
Significance of the Macquarie Audit
The Macquarie audit is widely regarded as the most prestigious and valuable auditing contract in Australia, generating nearly $75 million in annual fees. Of this amount, the Australian segment of the global auditing work is valued at approximately $30 million.
Impact on the Auditing Market
This announcement was made public on Friday, marking a significant triumph for KPMG and a setback for its major competitor PwC within the big-four accounting firms.
The Macquarie audit is the most coveted and valuable auditing gig in the country, worth almost $75 million in annual fees.
Additional Information
- The Macquarie audit play a critical role in shaping auditor dominance in Australia’s top-tier markets.
- KPMG’s victory enhances its influence over the ASX20 companies’ audits, reflecting its growing market strength.
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