SYDNEY: Australia’s corporate regulator said on Friday it had launched a formal investigation into three KPMG Australia partners linked to whistleblower allegations the accounting firm misused confidential client data to win lucrative audit contracts.
The Australian Securities and Investments Commission said it began a preliminary probe into KPMG in April and moved to a formal investigation after the resignation of the firm’s CEO and audit chief last week.
“We have commenced our formal investigation earlier this week and I should also make clear that we have issued multiple compulsory notices throughout that period to KPMG,” ASIC Chair Sarah Court told a Senate committee on Friday.
“There are three registered company auditors that are currently within the scope of what we were looking at, but I have to say this is an ever-moving feast at the moment as more information comes our way. So I don’t know that will be the end of it.”
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