Monday, 15 October, 2018


Beleaguered KPMG working to rebuild its image

File One of the KPMG executives who has left worked on Nedbank’s audits with partners from both KPMG and Deloitte File One of the KPMG executives who has left worked on Nedbank’s audits with partners from both KPMG and Deloitte
Bennie Garza | 17 April, 2018, 06:51

KPMG South Africa Sunday unveiled a four-point plan aimed at restoring trust in the beleaguered audit firm which has in the recent past been hit by scandals involving the quality of its work.

This comes after two of its partners resigned on Friday after being suspended for failing to disclose financial interests with VBS bank.

Despite VBS's curator being unable to confirm the existence of R900-million in deposits and flagging related-party fraudulent transactions‚ KPMG‚ which signed off on VBS's accounts for the year to March 2017‚ had not filed any "reportable irregularities" with Irba‚ the regulator confirmed on Thursday.

"In essence what we're doing is we're opening ourselves up to proper and detailed scrutiny".

The company's reputation took a nose-dive a year ago following allegations of misconduct around work it had carried out for a number of Gutpa-linked companies. Zuma and the Guptas have denied any wrongdoing.

The latest review will be in addition to other internal and external reviews that have been carried out since last September to date.

The goal of this new program is to assess the commitment to quality and professionalism of KPGM engagement teams.

The company also said it has started an expanded process of integrity and background checks of all partners and their spouses, which will be coordinated by KPMG International.

On the VBS work, "the disappointment and anger is palpable", said Nhlamu Dlomu, chief executive officer of KPMG South Africa. KPMG needs to come clean in order to ensure that trust is restored in auditors and that we can get to the bottom of the problems at VBS.

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