KPMG South Africa on Monday announced that up to 400 workers would lose their jobs as the embattled audit firm plans to close certain regional offices, operate a refocused advisory business and scale back internal business support to reflect its reduced footprint.
KPMG said the leadership changed would involve embedding in the firm for an extended period a number of senior partners from across the international network into board and executive positions, as well as senior client service roles.
Nhlamulo Dlomu, chief executive of KPMG South Africa, said these hard decisions were necessary to put the firm on a more sustainable footing.
“We are putting quality and integrity at the heart of the business and, from now on, the firm will be focused on doing fewer things better. I am confident that we have taken the right steps to reform and reshape the business. Now we need time for these to take hold,” Dlomu said.
KPMG has been losing clients on almost a weekly basis since it was mired in controversy over the audits it did for the businesses of the Gupta family and the report it produced for the South Africa Revenue Service about a bogus rogue unit.
– African News Agency (ANA)