Breaking: Macquarie dumps KPMG from nation's biggest audit contract

Macquarie Group has terminated its contract with KPMG, ending what was described as the largest and most lucrative audit engagement in Australia. The decision follows a period of scrutiny regarding KPMG’s professional performance and internal standards.

KPMG has publicly acknowledged that the loss of the contract is a consequence of its past failings. The firm is now bracing for further workforce reductions as a direct result of losing this significant business account.