KPMG is following the lead of its trans-Tasman equivalent by separating off its corporate recovery practice to create an independent firm operating as McGrath Nicol & Partners as from August 1.
The move is client driven and based on the need to keep corporate recovery separated from the firm’s auditing functions. In New Zealand, KPMG audits three of the major banks which have independence policies preventing KPMG from accepting any corporate recovery work from either the banks or from banking syndicates where they hold significant interest.
The new firm in New Zealand will be headed by Kerryn Downey and William Black and while still based at Auckland’s KPMG centre will have totally independent business operations.
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