Link: Business recovery
The firm’s audits of major Australian banks, such as ANZ and St George, led to a potential conflict of interests because 80-90% of its insolvency work derives from them, according to The Australian.
Insolvency partners Tony McGrath and Colin Nicol, both of KPMG, will establish McGrath Nicol & Partners and take AUS$30m (£11.8m) of annual fees to the newly-formed insolvency practice.
KPMG chairman Lindsay Maxsted said the firm had reacted to the ‘change in market conditions’, as banks do not want to give non-audit work to the firm that acts as its auditor.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal