KPMG had audited ResMed since 1994, signed two clean opinions on August 13, and was dismissed on August 13

That is the year at the foot of KPMG's audit report on ResMed, in the tenure line the accounting rules make a firm print. The firm signed its last report on August 13. ResMed dismissed it that day.

The Form 8-K disclosing it went in at half past four on Monday afternoon, four days later.

Both opinions were clean

The annual report for the year ended June 30, 2026 was filed on August 13 and carries two KPMG opinions, both dated August 13. The first says the consolidated statements for each of the three years to June 30, 2026 present the company's position fairly in all material respects. The second says the company maintained effective internal control over financial reporting as of June 30, 2026, measured against the 2013 framework of the Committee of Sponsoring Organizations of the Treadway Commission.

Neither is qualified. The 8-K says so as well, and adds that for the two audited years and the interim period through August 13 there were no disagreements with KPMG on accounting principles, financial statement disclosure or audit scope, and no reportable events.

So the disclosure describes a departure with nothing behind it, which is the ordinary and by far the commonest kind.

What the company says happened

The audit committee ran a competitive review process to consider a new firm for the year ending June 30, 2027. On August 13 it approved the dismissal of KPMG and appointed PricewaterhouseCoopers. The appointment is conditional: it is subject to PwC completing its standard client acceptance procedures, which is the incoming auditor's own check on whether it wants the engagement.

ResMed had not consulted PwC beforehand on any accounting question, on the type of opinion that might be given, or on any disagreement. That disclosure is required precisely so a reader can tell whether a company shopped an answer before it changed firm, and here the answer is no.

The letter

Item 304 makes the outgoing auditor write to the Commission saying whether it agrees. KPMG's letter is dated August 17 and runs to five sentences. It recites that it reported on the two years and on internal control under the date of August 13, that it was dismissed on August 13, and that it agrees with what the company says, except that it is not in a position to agree or disagree with the paragraph about the incoming firm.

That exception is standard. An outgoing auditor has no way of knowing what its replacement was told.

What the press release said

The same 8-K carries a press release, issued on Monday. It announces that Carol Burt becomes lead director on November 15 and that Ron Taylor, lead director since 2013, retires at the annual meeting on November 18 after more than 21 years on the board. Mick Farrell, the chairman and chief executive, is quoted at length on both.

The auditor is not mentioned in it. A change of accounting firm after 32 years reached the public in the filing and nowhere else, which is what the rule requires and is worth noticing anyway.