KPMG flagged Downer EDI’s contract with utilities group AusNet as a “risk” in 2020 and 2021 and should have discovered that its revenue was overstated, the company has alleged in a lawsuit filed against its auditor.
The professional services firm did not exercise “reasonable care and skill” when auditing Downer’s financial books between fiscal 2020 and 2022, the contractor has claimed in a 36-page lawsuit filed against KPMG in the Victorian Supreme Court.
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Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
