Macquarie Audit Win Boosts KPMG's Position in ASX20 Audits
KPMG Australia is poised to dominate audits of the nation's largest listed companies after securing the prestigious Macquarie Group audit, previously held by PwC Australia.
This victory, announced on Friday, marks a significant achievement for KPMG and represents a setback for its major competitor PwC.
The Macquarie audit is considered the most coveted and valuable auditing contract in Australia, generating nearly $75 million in annual fees.
Of this total, approximately $30 million comes from 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 lucrative Macquarie audit strengthens its dominance in top-tier Australian company audits, surpassing rival PwC.