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15 Apr 2018 13:00
KPMG has suffered severe damage to its reputation following allegations of misconduct in the work the auditing firm did for Gupta-linked companies. (Siphiwe Sibeko/Reuters)
In order to regain public trust, KPMG chairperson Wiseman Nkuhlu announced on Sunday that the auditor will review all the work it has completed over the last 18 months.
KPMG will be placing itself under public scrutiny as it reviews at least 200 case files.
“This is being done in an effort to ensure that nothing comes back to bite us following the challenges of integrity we have experienced in the past,” said Nkuhlu in a media briefing earlier on Sunday afternoon in Johannesburg.
“We have undertaken to review all files done by partners in the last 18 months.
This is unprecedented, and I understand that some partners are going to be angry.
His announcement follows the news that two of KPMG’s partners, Sipho Malaba and Dumi Tshuma, had resigned with immediate effect. The two had been facing disciplinary charges related to work done for VBS Mutual Bank. Malaba was the head of the group’s financial services auditing unit and responsible for signing off on VBS’s financial statements.
In a media statement released by KPMG on Friday, the firm said that both cases were connected to VBS Bank and the partners failure to comply with the firm’s policies.
KPMG has suffered severe damage to its reputation following allegations of misconduct in the work the auditing firm did for Gupta-linked companies.
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