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'KPMG & Nkonki must show improvement interventions to be reassessed'

The Auditor-General has on Friday told Parliament his office is still not utilising the services of the two companies.

FILE: Auditor-General Kimi Makwetu. Picture: Christa Eybers/EWN

CAPE TOWN - The Auditor-General (AG) is sticking by its decision to terminate contracts with auditing firms Nkonki Inc and KPMG.

AG Kimi Makwetu has on Friday told Parliament his office is still not utilising the services of the two companies.

In April, Makwetu announced his office’s decision to terminate with immediate effect the contracts of the two beleaguered companies.

On KPMG, the firm's audit of VBS Mutual Bank which has again made headlines this week was the last straw for Makwetu.

Makwetu says it’s not completely over yet for the two companies and they can still reassess the decision.

He says the impact of removing KPMG and Nkonki was that it happened in the middle of the audit process and they lost a lot of people with experience.

Makwetu says the workload for his auditors increased following the removal of the companies, stretching their resources.

“We had to make some tactical changes internally in the organisation, but also had to accommodate a few of the staff members that fell off the bus as far as the ones that were working at Nkonki, in particular, who had many years of experience in some of those audits. But, at least as professionals who are now in our system they work under our guidance and disciplines.”

He says if the companies want to be reassessed, they must indicate what interventions they’ve made to improve.

(Edited by Thapelo Lekabe)

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