Moneyweb
1 minute read
25 Sep 2017
9:53 am

KPMG takes a stab at redemption

Moneyweb

Announces independent investigation.

A recycler drags his trolley past the KPMG Offices on Empire Road in Johannesburg on 15 September 2017. Picture: Yeshiel Panchia

In a step to earn back South Africa’s trust, KPMG International has announced it will initiate an independent investigation into the work performed by KPMG South Africa in respect of the Gupta family and the SARS report.

Steps are underway to identify a suitably neutral legal figure, who is completely independent of both KPMG South Africa and KPMG International.

“Given the significance of the issues involved in this matter to the country of South Africa, and the damage our actions have caused, the public deserves to know the full facts as quickly as possible,” said KPMG International chairman, John Veihmeyer in a statement. “That includes not just what, but why they occurred. That is why there will be an independent investigation to provide the full and frank disclosure the South African public deserves.

“As a first step, we announced a set of significant actions last week. But we recognise that we need to do much more to restore trust with South Africa.

The leader of the investigation, along with the scope, terms of reference and proposed timeline will be announced shortly. Ideally the investigation will be completed as quickly as possible.

“The investigation will determine if there is any evidence to suggest KPMG South Africa partners or staff were complicit in illegal activities by the Gupta family and their businesses,  and whether there were any failings or collusion in the work performed and conduct of KPMG South Africa in relation to the SARS report,”Veihmeyer says.

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https://citizen.co.za/business/1664503/govt-must-review-all-kpmg-work-to-uncover-compromised-audits-says-gigaba/