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KPMG has told a judge there is no evidence that Arrium's share price would have changed even if it had recorded a $2.8 billion impairment, urging the judge to reject the shareholder class action's "intuitive" case on loss.
Former directors of steelmaker Arrium have rejected shareholder class action claims that the company's collapse was foreseeable, calling claims they had their heads in the sand “arrant nonsense”.
The fallacy that shareholders must precisely prove the amount of loss caused by a listed company's breaches has finally been exposed by the Full Federal Court, a trial judge has been told in a class action over the collapse of steel maker Arrium.
KPMG has confirmed that former chief operating officer Eileen Hoggett kept confidential Lendlease documents in a locker at the firm's Sydney office, after fresh inquiries substantiated whistleblower allegations.
Macquarie Group is conducting a review into the appointment of KPMG as its auditor, as the accounting giant reels from a whistleblower's accusations of client data breaches.
KPMG has appointed John Sams as its new CEO, promising the homegrown executive will deliver on an action plan drafted in the wake of the leaks scandal to build a “stronger, more accountable firm”.
KPMG has fined seven partners, some as much as $180,000, for misusing confidential client information in May.
One of the KPMG partners who shared confidential client information has stepped away from the firm’s audit with Westpac and will leave the firm.
An initial investigation by law firm Allens that cleared KPMG over a whistleblower's allegations of misuse of confidential data has been slammed by parliamentary committee members as lacking independence.
The fallout from the KPMG leaks scandal has widened, with the corporate regulator launching a review of audit complaints to the Big 4 accounting firms.