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Australia's ANZ Group said on Friday it would launch a competitive tender for external audit services, with incumbent KPMG ineligible to participate after serving as the bank's auditor since 1969.
ANZ joins a growing number of Australian companies reviewing long-standing audit arrangements with KPMG, after Insurance Australia Group and Macquarie Group recently moved away from the firm.
KPMG has faced heightened scrutiny since March, when whistleblower allegations emerged that staff had improperly used confidential information to win audit mandates, triggering the resignations of the firm's chief executive, audit head and chairman.
“Given the tenure of the incumbent provider, KPMG will not be eligible to participate in the tender process,” ANZ said in a statement.
ANZ said it intended to conclude the tender process by the end of April 2027, with the new external audit services firm expected to commence in financial year 2029.
The lender said the timing of the tender process was appropriate given the significant transformation agenda underway and the planned integration of Suncorp Bank. – Reuters
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