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KPMG rethinking its future in South Africa

The auditing firm been mired in controversy and has welcomed a review of its turnaround strategy by the Independent Regulatory Board of Auditors (IRBA).

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

JOHANNESBURG - KPMG says it's rethinking its future in South Africa.

The auditor's been mired in controversy and has welcomed a review of its turnaround strategy by the Independent Regulatory Board of Auditors (IRBA).

The intervention comes after more clients cut ties with KPMG last week, including Absa and Redefine Properties.

KPMG says that it acknowledges that the failings at the firm have contributed to adverse perceptions about the audit profession and it accepts responsibility to work towards redressing the situation.

The firm also welcomes the review of its turnaround startegy, saying that it supports the IRBA's call for a rational and measured response by all stakeholders and its opposition to the industry's reputation being affected by the actions of a few bad auditors.

KPMG's future was thrust under the spotlight again after it lost its largest private sector client, Barclays Africa, and following a decision by Auditor-General to cancel government contracts.

The firm says that since September, it has undertaken far-reaching reforms which seek to put quality and integrity at the heart of the firm.

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