ASIC to Release Big Four Audit Surveillance Findings by Year-End
Australia's corporate regulator ASIC plans to publish high-level results of its surveillance of the Big Four audit firms before the end of 2026.
Following accusations that KPMG Australia improperly used client information to attract new business, the Australian Securities and Investments Commission initiated a surveillance program covering the Big Four audit and consulting firms. Chair Sarah Court announced that the regulator will share high-level findings from this monitoring before the close of 2026. The surveillance focuses on issues raised in internal complaints and whistleblower reports.
In the wake of the scandal, ANZ terminated its 57-year auditor relationship with KPMG, while Macquarie, Insurance Australia Group and Lendlease have also severed ties. ASIC has opened multiple lines of inquiry and formal investigations related to the allegations. Court highlighted regulatory constraints, noting that current rules target individual auditors rather than large multidisciplinary firms, and welcomed Treasury’s consultation on potential reforms.
Why it matters
The disclosures will reveal how major audit firms are overseen and could drive regulatory reforms affecting corporate trust.
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