KPMG has denied a move to acquire Grant Thornton Australia following reports from Australia that it had expressed an interest in buying the mid-tier firm.

Reports from Australia claimed that KPMG was looking to acquire Grant Thornton’s Australian firm but questions over who would be responsible for alleged debt at Grant Thornton Australia had created obstacles in the proposed acquisition.

A spokesperson for KPMG said: “KPMG Australia has not made an offer for Grant Thornton. KPMG is continually exploring market opportunities.”

A Grant Thornton spokesperson said: “Grant Thornton Australia recognises that as the largest audit practice outside of the Big Four, and the leading nationally integrated advisory firm specialising in mid-sized business, that we are extremely attractive in the marketplace.

“However, we have no plans to enter into merger discussions and we are committed to remaining independent to the Big Four".