Original article by Edmund Tadros, Hannah Wootton
The Australian Financial Review – Page: 1 & 16 : 1-Jul-26

The fallout from KPMG’s audit scandal is continuing, with eight of the firm’s top partners advising of their departure; the scandal had already resulted in the ousting of several key executives, including CEO Andrew Yates and chairman Martin Sheppard. Meanwhile, the federal government has released Treasury’s position paper on the regulation of accounting and consulting firms. Amongst other things, the Treasury has recommended stricter regulation of the sector, harsher penalties and imposing mandatory time limits on audit contracts. Another option that Treasury has canvassed is effectively breaking up the major accounting firms by restricting them to no more than 400 partners.

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KPMG AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE TREASURY