Accounting firm KPMG says it is facing the consequences of its "past failings" as it is dropped by Macquarie Group.

Accounting firm KPMG says it will cut 27 partners and about 360 staff from its Australian arm, and revamp its structure as it grapples with lower revenue from lost contracts…

Monday’s sackings were concentrated in the firm’s consulting division, but the scandal originated with senior staff in the auditing section.