IRBA to update MPs on KPMG probe

MPs are on Tuesday expected to hear from the IRBA, which is investigating KPMG’s audit of the Gupta-owned Linkway Trading.

Picture: @KPMG/Twitter

CAPE TOWN - Members of Parliament (MPs) are on Tuesday expected to hear from the Independent Regulatory Board of Auditors (IRBA), which is investigating KPMG’s audit of the Gupta-owned Linkway Trading.

It emerged in June, through leaked emails, that KPMG had failed to flag the irregular flow of funds between Gupta-owned companies and the Free State Government to pay for a high-profile wedding at Sun City.

Gupta family companies had categorised the wedding costs as business expenses.

The Gupta Leaks emails describe how money for the Sun City wedding was channelled via an agricultural project funded by the Free State government to overseas bank accounts and then back to Gupta businesses in South Africa.

KPMG was auditing Linkway Trading at the time.

The IRBA, which regulates the auditing profession and probes complaints, is scrutinising the auditing firm’s conduct.

Finance Committee chairperson Yunus Carrim says the regulatory body will give parliamentarians a progress report on some of its ongoing investigations.

“As for whether they’re investigating the allegations that the South African Revenue Service (Sars) commissioner has made against KPMG, that’s the matter I understand the IRBA is looking into and whether it falls within their mandate.”

KPMG has come under fire for its relationship with Gupta companies and its handling of a report into a so-called rogue unit at Sars.

(Edited by Zamangwane Shange)