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KPMG cuts ties with Saica

KPMG has been under fire due to its handling of the Gupta family’s accounts, with the firm later changing its leadership.

FILE: Picture: @KPMG.

JOHANNESBURG - Auditing firm KPMG has resigned as external auditors for the South African Institute of Chartered Accountants (Saica).

KPMG has been under fire due to its handling of the Gupta family’s accounts, with the firm later changing its leadership.

The institute says KPMG has cited possible independence concerns if they are to perform the 2018 audit.

The Saica has instituted an inquiry into former and current KPMG-employed chartered accountants.

It’s for this reason that KPMG has stated that it can no longer function as external auditors for the institute.

The [Dumisa] Ntsebeza inquiry is looking into the conduct of several accountants, with a report expected at the end of July. The institute says it will now begin a tender process to appoint new external auditors.

KPMG has lost more than 10 major clients over the past several months, including Barclays Africa.

At the same time, the Saica says it's parted ways with KPMG to ensure it remains independent, while an inquiry into the auditing firm wraps up.

Saica has confirmed it will no longer be using the services of KPMG after the firm tendered its resignation.

Acting Saica CEO Fanisa Lamola said: “At this point, the conclusion is, in the interest of all parties concerned, there is perceived conflict. It was a decision by both parties.”

(Edited by Zamangwane Shange)