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Property developer Lendlease has begun the process of appointing a new external auditor as regulatory scrutiny intensifies around KPMG Australia. The move follows an investigation by Australia's corporate regulator into three KPMG partners linked to whistleblower allegations. The allegations claim confidential board documents from Lendlease were used in bids for major audit contracts involving other listed companies. While KPMG remains Lendlease's auditor, the company has outlined a phased transition plan that would allow a newly appointed audit firm to take over responsibilities from fiscal 2028, ensuring continuity and minimal disruption.
Lendlease has decided to change its external auditor as Australia's corporate regulator continues to investigate three partners at KPMG Australia over allegations raised by a whistleblower.
The property company said its board had opted to begin the process of appointing a new auditor and intends to carry out an orderly transition. According to the company, the handover is expected to take place through fiscal year 2027, allowing the newly selected audit firm to undertake the audit from fiscal 2028 onward.
The decision comes amid an ongoing regulatory probe involving KPMG Australia, one of the world's largest accounting networks. The investigation follows whistleblower allegations claiming misconduct within the firm.
According to the allegations, confidential board papers belonging to Lendlease were used to support KPMG's bids for major audit mandates at Westpac and Dexus. The claims have drawn attention to concerns around the handling of sensitive corporate information and governance practices within audit firms.
KPMG currently serves as Lendlease's external auditor, according to the company's financial statements. However, the developer indicated that the transition to a new audit firm would be managed over an extended period to maintain continuity in financial reporting and audit oversight.
The development comes at a time when audit quality, independence and governance standards are facing increased scrutiny across global financial markets. Regulators in several jurisdictions have strengthened oversight of audit firms in recent years following concerns over conflicts of interest, information handling and professional conduct.
For Lendlease, the planned auditor change represents a governance decision aimed at ensuring a smooth transition while maintaining confidence in its financial reporting processes. The company has not yet announced the identity of its replacement auditor.
Source Reuters
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