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Another blow for KPMG as Interwaste Holdings cuts ties

Interwaste joins Wits University, Parliament and Sasfin, among others, in cutting ties with the embattled auditing firm.

FILE: KPMG's Johannesburg offices. Picture: kpmg.com/za

CAPE TOWN - Interwaste Holdings is the latest firm to drop KPMG.

The company has instead appointed Deloitte to take over as its auditor.

Interwaste joins Wits University, Parliament and Sasfin, among others, in cutting ties with the embattled auditing firm.

KPMG's executives appeared before the Standing Committee On Public Accounts on Thursday where they told Members of Parliament (MPs) reforms are underway to address mistakes made in work carried out for the Guptas.

The company sacked a number of South African executives last month, after it found work undertaken for firms owned by the Gupta family "fell considerably short" of its standards.

KPMG says it still has to calculate the value of the losses it has suffered as a result of clients severing ties with the firm.

Clients have been cancelling their services almost daily in the wake of its questionable auditing of Gupta family companies, and the retraction of key parts of its controversial South African Revenue Service report.

Speaking on the sidelines of Parliament on Thursday, new chief executive Nhlamu Dlomu said she was eager for an independent inquiry to start to get answers to questions the firm was not able to provide to MPs.

KPMG faced tough questions from MPs in Parliament over the integrity of its work, and why government should continue to hire the firm.

Speaking to the media afterwards, Dlomo said the firm was meeting with all its clients to reassure them of the quality of its work.

“We would like to retain their business, we would also like to rebuild trust, we would like to ensure that the processes that we are doing, and the work we are doing for clients meet their standards and our standards.”

Dlomu acknowledged that the scandals have had an impact on employees, but says the firm is doing whatever it can to retain its staff, so it can also retain its clients.

She said: “It’s really critical for us to find answers to the questions that have been posed but more importantly to make sure that even the reparative actions are in line with the evidence and the answers that an independent inquiry has found.”

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