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Gigaba urges govt to review all work with KPMG

The auditing firm has lost several clients after the firm released the findings of its internal investigation which revealed serious failing in the work it did for Gupta-linked companies and Sars.

Picture: @KPMG

JOHANNESBURG - Finance Minister Malusi Gigaba has called on government to review all work programmes with KPMG to ensure that audit processes have not been compromised.

KPMG International cleared out its South African leadership last week and withdrew its findings & recommendations from the controversial Sars report into the intelligence unit.

The auditing firm has lost several clients after the firm released the findings of its internal investigation which revealed serious failing in the work it did for Gupta-linked companies and Sars.

Gigaba has now issued a statement saying that these developments have created a bad image and undermined the reputation of good governance and audit independence in one of the key sectors in the economy.

He says that this reaffirms government's view that there must be mandatory rotation of audit firms and that regulations for both the public and private sector will be explored.

At the same time, the minister has called on government and its entities to review work done by KPMG and if the audit process has been compromised, appropriate steps should be taken.

Gigaba says that it's critical that the relevant law enforcement agencies and bodies such as the Independent Regulatory Board for Auditors look into this matter.

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