Australia plans structural split for PwC, KPMG and peers after scandals
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Australia's government is proposing structural reforms that could force large accounting and consulting firms to separate audit and advisory businesses, cap partner numbers, shorten audit tenures, and expand ASIC enforcement powers. Triggered by recent KPMG and PwC scandals, the measures aim to restore market integrity but would disrupt established audit/consulting revenue models and raise compliance costs. The near-term market effect is higher regulatory uncertainty for affected corporate services ecosystems.
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Australia’s federal government is preparing sweeping regulatory reforms that would require PwC, KPMG and other global firms to structurally separate their audit and consulting operations and restrict offering both services to the same client. The proposals also include a 400-partner cap, shorter audit tenures and stronger enforcement powers for ASIC. The overhaul follows KPMG’s recent confidential-data misuse scandal and PwC’s tax information leak, and is aimed at restoring trust in the sector.
