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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.
KPMG's newly appointed chairman Mike Ebeid previously accused Labor senator Deborah O'Neill of making "completely false" statements to the senate when she revealed a whistleblower's allegations of misconduct at the firm.
A Treasury report has suggested splitting audit functions off from multidisciplinary professional services firms, following whistleblower claims that KPMG leaked confidential client information.
A shareholder class action has won access to reports by FTI Consulting and KPMG that were commissioned by water remediation company Phoslock, with a judge finding they were not created for the dominant purpose of providing legal advice.
KPMG's national chairman Martin Sheppard is stepping down to make way for an independent chair, and audit partners Eileen Hoggett and Paul Rogers are leaving the firm.
Under pressure from parliamentary committee members, KPMG said late Friday it would waive privilege and hand over investigation reports from Allens and Ashurst, after initially resisting orders for documents.
Facing the hotseat over KPMG's treatment of a whisteblower, the accounting giant's former CEO Andrew Yates told a parliamentary committee hearing on Friday he took accountability and was not a "bad apple".
A senator has criticised KPMG for claiming a commitment to transparency while also maintaining legal professional privilege over advice from Allens and Ashurst into the alleged misuse of confidential information.
ASIC’s chair says the corporate cop is investigating individuals at KPMG for alleged misuse of confidential information belonging to Lendlease and Optus to win new work, but says it is hamstrung by current law from undertaking a broader probe.