KPMG Australia to cut jobs and face tighter ASIC oversight after audit leak scandal

KPMG Australia is preparing a major restructuring that could see the elimination of hundreds to over a thousand roles and a reduction of partner remuneration by up to 20%. The measures follow a high‑profile audit‑leak scandal in which staff were accused of using confidential client information to secure contracts, prompting the departure of the firm’s chairman, chief executive and head of audit and triggering a regulator investigation.

The Australian government has responded by directing the Australian Securities and Investments Commission (ASIC) to strengthen oversight of the Big Four accounting firms. ASIC will receive broader powers, tougher penalties and will review whistle‑blower complaints across the sector, while the government is also weighing the separation of audit and consulting businesses. Recent scandals have affected EY, PwC and Deloitte, and the new regulatory push aims to improve accountability, transparency and audit quality in Australia’s financial markets.