KPMG scandal: Westpac exec accuses audit firm of ‘drip-feeding’ shocking revelations
Westpac is first in the firing line as a parliamentary inquiry grills some of corporate Australia’s biggest names over KPMG’s audit scandal.
Westpac has accused KPMG of “drip-feeding” information about its audit scandal, telling a parliamentary inquiry the banking giant first learnt of the affair through Parliament rather than its own auditor.
The scandal centres on confidential Lendlease material, including details of rival EY and PwC audit bids, being shared inside KPMG with personnel working on pitches for other business, including Westpac’s audit.
Westpac was first to give evidence to the parliamentary inquiry on Friday, with director Michael Ullmer, a former KPMG partner who ran the bank’s audit tender and previously chaired Lendlease appearing.
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By continuing you agree to our Terms and Privacy Policy.Mr Ullmer said Westpac grew increasingly frustrated as fresh details emerged through Parliament and the media, with KPMG at times giving the bank just three or four hours’ warning before further information became public.
“There’s a drip-feeding of information coming out,” he said, later adding: “You think you have your arms around it, and then more information is revealed.”
More to come...
Originally published on The Nightly
