Macquarie Win Strengthens KPMG's Position in ASX20 Audits
KPMG Australia is set to dominate audits of the country’s largest listed companies after securing the prestigious Macquarie Group audit from PwC Australia.
This victory marks a significant achievement for KPMG and a setback for its big-four competitor PwC.
Significance of the Macquarie Audit
The Macquarie audit is considered the most sought-after and valuable auditing contract in Australia, valued at nearly $75 million in annual fees.
Of this sum, approximately $30 million pertains to the Australian segment of the global auditing work.
The Macquarie audit is the most coveted and valuable auditing gig in the country, worth almost $75 million in annual fees.
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Summary: KPMG's acquisition of the Macquarie audit solidifies its lead in auditing Australia's top companies, marking a major competitive shift within the big-four firms.