KPMG Australia To Cut Hundreds Of Jobs Amid Audit Leaks Scandal

SYDNEY, Aug 24 (Bernama-Xinhua) -- The Australian branch of international accounting and consultancy firm KPMG on Monday said it will cut hundreds of jobs after revenue fell as a result of an audit leaks scandal, reported Xinhua.

KPMG Australia reported total revenue of A$2.26 billion (US$1.6 billion) in its full-year results for the 2025-26 financial year (FY25-26), down 0.9 per cent year-on-year.

It said that revenue grew in four of its five divisions, but consulting revenue fell by 16.9 per cent after the firm was barred from new government contracts over the misuse of confidential client information.

As a result, KPMG Australia said it plans to reduce its workforce by approximately 5 per cent, affecting 360 employees and 27 partners.

"We need to be clear about the outlook. We expect difficult market conditions to continue in FY27 and beyond," chief executive officer John Sams said in a statement.

"Economic growth is expected to remain subdued until at least 2028, affecting client investment and extending decision-making timeframes," he added.

Senator Deborah O'Neill in March shared allegations in parliament from a whistleblower that KPMG partners had repeatedly used clients' confidential information to win lucrative audit contracts.

The firm in May said it had been aware of the allegations since 2024 and that its internal investigation was not rigorous enough.

O'Neill told a parliamentary inquiry into the allegations earlier in August that many more whistleblowers had come forward to raise concerns about misconduct at KPMG.  

-- BERNAMA-XINHUA