Trade union Cosatu has come out swinging after auditor KPMG and the liquidator of VBS Mutual Bank reached an out-of-court settlement cloaked in secrecy.
The PCAOB gave KPMG of the South African variety a slap on the wrist and punished a couple of partners today for the firm collaborating with an accounting firm not registered with the PCAOB (KPMG Zimbabwe) on three years’ worth of audits of a public company.
The Public Company Accounting Oversight Board levied $275,000 in penalties against KPMG's member firm in South Africa and two partners for improperly using and misreporting work done in Zimbabwe.