The firms told ASIC that, since 1 July 2023, they have received a total of 551 complaints alleging audit misconduct.

To examine these tips, ASIC is exercising its compulsory information‑gathering powers, demanding relevant documents and data from the firms. It is also carrying out surveillance of the Big Four to look at internal complaints about audit practices.

One focus of the probe is KPMG’s 2025 Transparency Report. ASIC is checking whether the report contains false or misleading statements and is assessing the corporate entities within the KPMG group for possible director misconduct.

ASIC chair Sarah Court said the regulator does not yet know how many of the 551 complaints are serious and that a detailed review is required before any enforcement action can be considered.