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.
Andrew Howson joins the firm from EY, bringing experience in advising private equity and corporate clients across multiple sectors in the UK and Europe
Dennis Layton takes up the position on April 1 and will contribute to the firm’s goal of becoming the leading global professional services organisation by 2020
Richard Cartwright becomes the new head, taking over from incumbent head of office David Lemon
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'