Westpac says KPMG will take over from PwC as its external auditor from its 2025 financial year.
Westpac has announced KPMG as its preferred firm to take over as its external auditor from its 2025 financial year, saying the move was motivated by “good governance” after having PwC in the role for more than 50 years.
Michael Rowland, Westpac’s chief financial officer, is another former KPMG partner, having held the role between 2014 and 2020. Another non-executive director, Michael Ullmer, was a partner at KPMG between 1982 and 1992. “Since then I have worked at banks that have had Ernst & Young as auditor and worked at companies that have had Deloitte as auditor.”KPMG was selected as the preferred auditor by a subcommittee of the audit committee that did not include Mr Nash.Westpac originally signed up for 60,000 square metres in Tower Two, but has since subleased some of this as more employees work from home.
Not inviting PwC was “due to their tenure as the group’s external auditor”, Westpac said, without mentioning the tax scandal that engulfed the firm last year.
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