KPMG Australia cuts hundreds of workers and partner pay after audit scandal

KPMG Australia has made significant changes in response to a recent audit scandal, cutting 5% of its staff and reducing partner compensation by 13% due to a sharp decline in consulting revenue. This move comes as the firm tries to recover from the fallout of the scandal, which has severely damaged its reputation and financial performance. The downsizing and pay cuts highlight the broader implications for the auditing industry and could set a precedent for other firms dealing with similar issues. It's a tough but necessary step for KPMG to regain trust and stabilize its operations.