In parliamentary oversight evidence, Australian Securities & Investments Commission Chair Sarah Court said several KPMG investigations are underway into the alleged misuse of confidential client information, whistleblower victimization concerns and auditor transparency reports. Extending its previously disclosed scrutiny of the firm, ASIC is also reviewing audit conduct complaints, including potential whistleblower complaints, received by KPMG, Deloitte, EY and PwC. It expects to provide an update before the end of 2026. Consumer surveillance found weaknesses in eight banks’ administration of mortgage offset accounts, with more than AUD 55 million in compensation reported and further remediation expected. A separate motor vehicle insurance review found inadequate explanations of premium increases and insufficient disclosure that annual payments could cost up to 20% less than installments. ASIC also reiterated concerns about opaque wholesale private credit funds, saying recent sector developments reinforce the need for stronger governance, oversight, disclosures and valuations. ASIC’s 2026-27 corporate plan aligns its consumer, professional conduct, retirement, operational resilience and market integrity priorities with the government’s new expectations on economic growth and regulatory impact. The regulator also reported a record enforcement year, with AUD 830 million in civil penalties and AUD 644 million returned to Australians in connection with its work.
2026-09-04Australian Securities & Investments Commission
Australian Securities & Investments Commission broadens KPMG scrutiny and reviews Big Four audit complaints
ASIC has several KPMG investigations underway and is reviewing audit conduct complaints across the Big Four, with a further update due before the end of 2026. It also reported more than AUD 55 million in mortgage offset compensation and reiterated concerns about transparency and governance in private credit. Civil penalties reached a record AUD 830 million in the last financial year, while AUD 644 million was returned to Australians in connection with ASIC’s work.