KPMG focused on rebuilding public trust
By Edward West
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CAPE TOWN - KPMG SOUTH Africa last year turned down four private and listed companies as clients because they did not meet the accounting firmâs criteria on its duty to the public interest.
This was according to chief executive Ignatius Sehoole, who wrote in the firmâs third integrated report for its 2020 financial year released yesterday that âour first duty to the public interest is becoming second nature at KPMGâ.
This was after a tough three years at KPMG following its confession in 2017 that it published a misleading report on the South African Revenue Service (SARS), doing work for the Gupta family and turning a blind eye to corruption as an auditor for the collapsed VBS Mutual Bank. Some of the biggest companies in South Africa replaced KPMG as its auditors due to the scandal.
KPMG commits to active transformation role in accounting, auditing profession
17 March 2021 7:28 PM KPMG SA
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The new KPMG s partnership with Abasa to develop small black firms is not just a PR exercise, says SA CEO Ignatius Sehoole.
KPMG South Africa announced on Wednesday that it is teaming up with the Association for the Advancement of Black Accountants of Southern Africa (Abasa) to advance smaller, black-owned firms.
It follows the announcement a month ago that KPMG would stop offering non-audit related services to JSE-listed clients from 31 March.
The firm has been working hard for years to restore its tainted image.
The Association for the Advancement of Black Accountants of Southern Africa (ABASA) has announced a partnership with KPMG SA to give black firms more exposure. (Photo: Gallo Images)
The Association for the Advancement of Black Accountants of Southern Africa (ABASA) has announced a partnership with KPMG SA to give black firms more exposure.
As the big four accounting firms continue to dominate South Africa s accounting and auditing industry, calls for transformation are growing.
KPMG says it will be rotating smaller ABASA members on projects because the current subcontracting arrangements give exposure to very few of them.
KPMG SA seems to be pulling all stops to try and win South Africans affection again. The company announced on Tuesday that it has partnered with the Association for the Advancement of Black Accountants of Southern Africa (ABASA) to provide market exposure to smaller black-owned auditing firms.
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Feb 17, 2021
The South African Institute of Professional Accountants (SAIPA) has commended KPMG SA for its announcement that it will no longer offer non-audit-related services to its JSE listed clients.
This is according to Shahied Daniels, chief executive at SAIPA, who says: “We applaud the firm for making this difficult decision in the best interest of the public and contributing to the process of restoring confidence in the accountancy profession.”
Daniels also complimented KPMG Chairman Professor Wiseman Nkuhlu and CEO Ignatius Sehoole on their initiative. “Professor Nkuhlu promoted this concept of separating audit and non-audit functions, at SAIPA’s inaugural Accounting iNdaba in 2019, and his belief that the profession needs to be more public-centric, less client-centric,” he says.