SYDNEY – Accounting firm KPMG Australia said on May 29 that its chief executive officer and head of audit quit after an investigation into complaints raised by a whistle-blower about sharing client data fell short of its standards, in a blow to the country’s professional services sector.CEO Andrew Yates, who joined KPMG Australia in 1990 and took on the top job in 2021, resigned after its investigation into the whistle-blower’s allegations “fell short of the firm’s expectations, those of the whistle-blower and the broader community”, the firm said in a statement.The firm’s managing partner of audit and assurance, Mr Julian McPherson, also stepped down and would leave the firm after an orderly transition, the statement added.“It is clear that in this case we have let ourselves down and I take accountability,” Mr Yates said in the same statement.Mr McPherson said: “Matters have arisen for which I am responsible, and I take accountability.” REUTERS
KPMG Australia CEO Andrew Yates resigns over whistle-blower allegations
The firm’s managing partner of audit and assurance, Mr Julian McPherson, also stepped down. Read more at straitstimes.com. Read more at straitstimes.com.
TL;DRAI
KPMG Australia CEO Andrew Yates and audit head Julian McPherson resigned after a whistleblower probe into client data sharing was deemed inadequate. Big Four governance failures now trigger C-suite exits — factor into audit and compliance vendor selection.
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