KPMG’s new chair, Michael Ebeid, has told a parliamentary hearing that he was left “physically and emotionally shaken” after meeting the whistleblower at the centre of the firm’s widening audit scandal earlier this week. His remarks underscore the seriousness of the allegations now engulfing one of Australia’s biggest professional services firms, adding fresh pressure on its leadership as scrutiny intensifies.
Ebeid did not detail what was said during the conversation, but described the encounter as deeply confronting. The audit scandal has already triggered political fallout, regulatory attention and internal upheaval, with the whistleblower’s testimony expected to play a pivotal role in upcoming investigations.
While KPMG grappled with the fallout, the ASX closed lower today, weighed down by fresh earnings results from major companies. Insurer QBE and retailer Baby Bunting were among those releasing financial updates, contributing to a cautious mood across the market as investors assessed profit margins, cost pressures and shifting consumer behaviour.
The day’s developments highlight a corporate landscape under strain from boardroom crises to market volatility as business leaders, regulators and shareholders brace for what comes next.
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