KPMG clean up essential for integrity
OUTA welcomes the decision by KPMG to suspend the head of its largest business unit, Sipho Malaba, who was the lead independent audit partner on VBS Mutual Bank.
“The new executive committee at KPMG is showing positive signs. We trust that they will continue in this direction. It is our view that SA’s audit, tax and advisory services industry has deteriorated in its mandate to society, through its questionable work and the charging of exorbitant fees,” says Ben Theron, OUTA COO.
KPMG, an internationally renowned company which was once held in high esteem in South Africa, fell from grace after allowing greedy individuals to influence and poison its operations. OUTA believes that the auditing firm can restore its reputation by cleaning up and tightening up its governance procedures and operations.
“We urge KPMG to continue to scrutinise its operations and to take decisive actions in its journey to restore its reputation. We advise all other players in the industry to conduct intensive scrutiny and introspection to ensure they operate with the highest level of integrity,” says Theron.
OUTA will continue to engage with the office of the Auditor General of South Africa and watch the 2018 auditing process carefully to ensure a credible report is compiled and that corruption has been expelled.