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KPMG: We should have cut ties with Gupta companies sooner

The audit firm's CEO Trevor Hoole has released a statement outlining progress made into a review of work done for the controversial family.

Former KPMG CEO Trevor Hoole. Picture: Twitter/@TrevorHoole.

JOHANNESBURG - KPMG says it was too slow to recognise the wider public interest related to the Gupta family and should have stopped working for its companies sooner than it did.

The audit firm's CEO Trevor Hoole has released a statement outlining progress made into a review of work done for the controversial family.

According to leaked emails, the firm audited the Gupta’s Linkway Trading company which used state money to pay for their lavish family wedding in Sun City in 2013.

Hoole says while the last audit opinions for the group were signed for 28 February 2015 year end, it's now clear that KMPG should have resigned earlier and stopped working for the Gupta companies sooner than it did.

He says the firm understands that its client acceptance procedures need to be improved.

The CEO says KPMG International will independently lead all aspects of an internal review which is currently underway. And where any issues are found those individuals will be held accountable.

Asset management company Sygnia recently fired KPMG over its alleged role in state capture.

(Edited by Winnie Theletsane)

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