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[ALERT] KPMG to launch ‘unprecedented’ review of work done by partners

Top management at the auditing firm says its deeply disappointed by the conduct of two former officials.

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

CAPE TOWN - KPMG will launch an “unprecedented” review of all work done by the company's partners in the last 18 months.

Top management at the auditing firm says its deeply disappointed by the conduct of two former officials.

Two of the firm's partners resigned on Friday after disciplinary charges were brought against them. They had already been suspended.

The charges relate to the VBS bank issue.

Sipho Malaba and Dumi Tshuma are accused of failing to comply with the company’s policies and procedures around the disclosure of financial interests.

KPMG became suspicious and launched an independent investigation after the bank was recently placed under curatorship.

CEO of KPMG Nhlamu Dlomu along with chairman Wiseman Nkhuhlu have clarified details surrounding the loss of partners and clients in recent months due to work done with the controversial Gupta family and former president Jacob Zuma.

Nkhuhlu says the firm will be reviewing its audit files of the past 18 months.

“We need to be more transparent regarding what happened, what went wrong and what steps we are going to take.”

Dlomu says investigations into the two partners who have resigned will continue despite them leaving the company.

“The resignation hasn’t resulted in us stopping the external investigation, so it’s going to continue until we have full facts of the matter.”

KPMG admits something has gone wrong in the last few years but it has committed to regaining public confidence.

Meanwhile, the Democratic Alliance (DA) has welcomed the announcement by KPMG of a broad scale review of all KPMG’s work in the past year and a half.

DA Member of Parliament, Kevin Mileham, says he's requested the Independent Regulatory Board for Auditors to extend its investigation into KPMG to include the role it played at VBS bank.

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