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Parliament terminates contract with KPMG

It says the decision was taken after considering the risks associated with doing business with the auditing firm.

Picture: Facebook.

JOHANNESBURG - Parliament has terminated its contract with KPMG.

It says the decision was taken after considering the risks associated with doing business with the auditing firm.

Spokesperson Moloto Mothapo said: “All this as a result of the admission that the auditing firm has made with regards to improper conduct.”

It’s the latest to drop the firm, in the wake of the scandal over work it's done for Gupta linked companies.

KPMG International cleared out its South African leadership earlier this month and withdrew its findings and recommendations from the controversial Sars report into the intelligence unit.

The firm has lost clients and Finance Minister Malusi Gigaba has called on government and its entities to review work done by KPMG to ensure audits haven't been compromised.

The Independent Regulatory Board for Auditors says it will take a while for KPMG to regain trust.

CEO Bernard Agulhas said: “Society and citizens look to auditors as those individuals they appoint because they trust them. When that trust is lost, confidence is lost and it can take a while to restore that confidence.”

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