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KPMG welcomes IRBA’s review of its turnaround strategy

IRBA CEO Bernard Agulhas say all parties should work together to restore confidence in the auditing profession.

FILE: Picture: Facebook.com.

CAPE TOWN - KPMG says it welcomed the Independent Regulatory Board for Auditors’ (IRBA) review, planned for this week.

On Friday, the board said that it will undertake a review of KPMG’s turnaround strategy.

IRBA CEO Bernard Agulhas say all parties should work together to restore confidence in the auditing profession.

“It’s important that all stakeholders work together to restore confidence in the profession and bring stability to the market. Ultimately, it’s IRBA’s responsibility to protect the public and investors.”

KPMG South Africa has been marred by reputational damage following allegations of corruption and illicit ties to the controversial Gupta family.

The auditing firm has since seen a stream of its clients, including the Auditor General, Sibanye-Stillwater mine and ABSA bank, halt the use of its services.

Agulhas says while there hasn’t been a specific timeframe attached to the imminent review, ongoing efforts to implement long-term restorative measures are in place.

“Hopefully, we’ll be able to do it on a regular basis. As KPMG implements their strategy we won’t be looking only at those that have been implemented.”

KPMG says it has undertaken far-reaching reforms which seek to put quality and integrity at the heart of the firm.

(Edited by Zamangwane Shange)

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