The Reserve Bank of Australia has confirmed it is formally reviewing its professional relationship with KPMG Australia, marking a significant escalation in regulatory pressure on the firm.
The central bank’s decision follows growing scrutiny over the firm’s audit practices and internal governance, according to Handelsavisen archive coverage.
This move underscores mounting concerns among regulators about the integrity of major professional services providers in the region.
The development comes amid a broader crisis of confidence in the Big Four accounting firms.
Recent reports from CNBC and the Australian Financial Review highlight allegations that KPMG and PwC have prioritized profit over professional integrity, including the mishandling of whistleblower complaints.
Critics argue that the legal opacity of private partnership structures allows these firms to evade accountability while preaching good governance to clients.