This information comes from Australian Financial Review so it’s legit:
KPMG Australia is seeking up to $100 million in emergency loans from the firm’s global network as well as a waiver of all or part of its more than $100 million annual subscription fee, also known as the global levy, for using the brand, as it tries to limit the fallout of an audit division scandal that has hurt revenues and partner earnings.
So basically they’re asking for $200 million, got it. KPMG International confirmed KPMG Australia asked for some help with a spokesperson telling AFR “KPMG Australia continues to work collaboratively with KPMG International to assess financial projections. KPMG International will consider any funding request in accordance with its governance arrangements.”
According to AFR’s reporting, KPMG CEO John Sams needs the global network to float him a little cash for “client pursuit” and recruiting. One imagines the global network isn’t too thrilled about being asked to pay up for KPMG Australia’s fuck ups and one would be right.
Conveniently, the current CEO of KPMG International is an Australia guy, Gary Wingrove, but AFR’s sources say he’s not too keen on passing his bros some money in their time of need.
As you have no doubt heard by now, KPMG Australia is still cleaning up after a whistleblower scandal in which the firm used confidential client data to win audits then brushed off attempts by a whistleblower to correct this behavior and treated the whistleblower like dirt until they got caught and now it’s a big old messy thing. Active contracts weren’t affected but the government was forbidden from entering into any new contracts with KPMG from mid-June until September 30, 2026 so they’ve been missing out on that money plus clients dumping them left and right, the most recent being a large bank KPMG audited for almost 60 years.
Keep you posted on whether or not KPMG International is willing to reach into its pockets for this one.
