ANZ is dropping KPMG after 57 years. It says that is too long.
ANZ will replace KPMG as its external auditor, the bank told the Australian stock exchange on 2 October, AAP and Capital Brief reported.
KPMG has audited ANZ since 1969.
"A tenure of this length is no longer considered appropriate and has been under consideration by the board for some time," ANZ said. A tender closes in April 2027. Shareholders vote at the 2028 annual meeting, with the new auditor starting in the 2028/29 financial year.
ANZ paid KPMG A$21.4 million in audit fees in 2024/25, and A$29.6 million with other services, AAP reported. KPMG declined to comment.
Separately, Senator Deborah O'Neill raised whistleblower allegations in March that KPMG used confidential documents from audit clients to win audit work elsewhere. AAP reported that some of the allegations were substantiated and that the firm's chief executive and chairman have since left.
ANZ's statement cites the length of the tenure without referring to the allegations. KPMG stays the bank's auditor until the 2028/29 financial year begins.
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