Macquarie Win Positions KPMG to Lead ASX20 Audits
KPMG Australia is set to become the leading auditor of the country's top publicly listed companies after securing the prestigious Macquarie Group audit, previously held by PwC Australia.
Significance of the Macquarie Audit
The Macquarie audit is regarded as the most desirable and lucrative auditing contract in Australia, valued at nearly $75 million in annual fees. The portion of this work relating to Australia is estimated to be around $30 million.
The win is a major victory for KPMG and a setback for its big-four competitor PwC, given the Macquarie audit's status as the most valuable auditing gig in the nation.
Impact on the Market
This victory strengthens KPMG's position in the auditing sector for Australia's largest companies, potentially allowing it to dominate the ASX20 audit market going forward.
Additional Information
- The announcement was made on a Friday.
- KPMG’s success reflects a shift within the competitive landscape of big-four auditing firms.
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Author's summary: KPMG's acquisition of the Macquarie audit marks a strategic milestone, substantially boosting its dominance in Australia's largest company audits with a contract worth nearly $75 million annually.