14 May 2026
KPMG is co-operating with the Parliamentary Joint Committee on Corporations and Financial Services (PJC) in relation to allegations raised in the Parliament by Senator Deborah O’Neill in March 2026.This matter is longstanding and complex. Over the past two years a former employee has made multiple allegations in relation to inappropriate conduct. We have treated these allegations seriously and made significant efforts to investigate and respond to the allegations raised.
As this matter has continued to evolve, we have escalated our oversight and response accordingly. Initially, we undertook internal investigations. Given the seriousness of the allegations, we then engaged an external law firm to review the internal investigations. As further details were provided, we established a sub-committee of the Board (including three independent directors). The sub-committee engaged another external law firm to conduct an investigation into each of the conduct related allegations.
Based on the evidence identified to date, the allegations have not been substantiated.
During the course of the investigations, two related conduct matters were identified. One matter concerned the inappropriate sharing on screen of pages from two documents between KPMG personnel (one a client document and the second a KPMG document). We deeply regret that the confidentiality owed to the client was not met in this instance. The firm has advised the client of this matter and expressed regret for the incident. A second matter concerning an inappropriate informal remark in a team setting was also identified.
Both of these matters were subject to our internal consequences framework and disciplinary action was taken. This process was underway before the allegations were raised in the Parliament in March and the individuals involved were sanctioned in April. The sub-committee of the Board endorsed those sanctions. Relevant individuals have self-reported to Chartered Accountants Australia and New Zealand (CA ANZ).
With oversight from the Board sub-committee, investigations into the allegations by the former employee are continuing. We commit to investigate any new evidence or information provided. In addition, we continue to engage with ASIC, CA ANZ and the Tax Practitioners Board (TPB). All of which have been provided the same information as the PJC.