‘Breaks every rule’: What the KPMG scandal is all about

Benjamin Price· Host0:00

[gentle music] They are one of the Big Four accounting firms. Government agencies and major corporations trust them to audit their books and ensure everything is above board. But what happens when the auditor itself is accused of a catastrophic failure of integrity? KPMG will face this question and many others when it fronts a Senate inquiry this week. The explosive claims emerged after a whistleblower brought allegations the firm misused confidential client data to potentially win business with other companies. I'm Benjamin Price, filling in for Samantha Selinger-Morris, and this is the Morning Edition. Today, business journalist Colin Kruger joins us to explain why this scandal extends well beyond the big end of town and might affect anyone with an investment or super fund. It's Tuesday, June 16. So Colin, help us set the scene here. Who are the Big Four, and what do they do?

Colin Kruger· Guest1:07

Okay. The Big Four, they're kind of like the accounting, auditing super giants. It used to be the Big Eight, probably before that the Big 12, and they've slowly just merged with each other to the point where you've got four corporate giants across the globe. And if you're one of the