ANZ Group Holdings Ltd. will end its 57-year auditing relationship with KPMG and put the contract out to competitive tender. KPMG, ANZ’s auditor since 1969, will be barred from participating. The board had been considering the decision for some time, saying the length of the relationship was no longer appropriate.
The move follows a major scandal at KPMG Australia, prompted by whistleblower allegations that the firm misused confidential client information to win new business. The controversy has led to senior leadership resignations at KPMG.
Several other major Australian companies, including Macquarie Group and Insurance Australia Group, have also moved away from KPMG. ANZ expects to appoint a new auditor by April 2027, with the new auditor beginning services in the 2029 financial year.