ANZ Group to replace KPMG as auditor after nearly six decades

By Reuters News

Oct 2 (Reuters) - Australia's ANZ Group ANZ.AX said on Friday it would launch a competitive tender for external audit services, with incumbent KPMG ineligible to participate after serving as the bank's auditor since 1969.

ANZ joins a growing number of Australian companies reviewing long-standing audit arrangements with KPMG, after Insurance Australia Group IAG.AX and Macquarie Group MQG.AX recently moved away from the firm.

KPMG has faced heightened scrutiny since March, when whistleblower allegations emerged that staff had improperly used confidential information to win audit mandates, triggering the resignations of the firm's chief executive, audit head and chairman.

"Given the tenure of the incumbent provider, KPMG will not be eligible to participate in the tender process," ANZ said in a statement.

ANZ said it intended to conclude the tender process by the end of April 2027, with the new external audit services firm expected to commence in financial year 2029.

The lender said the timing of the tender process was appropriate given the significant transformation agenda underway and the planned integration of Suncorp Bank.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.