KPMG Statement by Nhlamu Dlomu, CEO of KPMG South Africa

[rpm]

KPMG South Africa believes that the role of a professional service firm is ultimately to serve the public interest. Without credible and trusted professionals in these firms, and auditors in particular, it would simply not be possible for the economy to function in the way it must for our society to succeed.

Now more than ever, we need professional services firms to abide by the law, adhere to the codes of conduct of professional bodies and respect the principles of honesty, ethical behaviour, integrity and confidentiality. KPMG South Africa takes these matters extremely seriously.

We therefore understand the significant public interest in the matters being investigated by the independent inquiry chaired by Advocate Dumisa Ntsebeza. That is why we called for it to be established, welcome that it has started and look forward to the publication of its findings.

KPMG South Africa is determined to be open and transparent. We are committed to cooperating fully with the inquiry and know that fair process is vital for the public to have confidence in its openness and transparency

 

[Drifter]

KPMG South Africa is determined to be open and transparent.

Yeah, right.

 

[Gordon_R]

Things are getting serious for KPMG: http://www.huffingtonpost.co.za/201...uditors-could-lose-their-licences_a_23380555/

KPMG has hired legal firepower by drafting advocate Tembeka Ngcukaitobi onto its team as it began fighting the first of a likely three inquiries into its role in facilitating the Gupta family's empire of corruption in Johannesburg on Thursday.

The Ntsebeza commission of inquiry headed by veteran lawyer and acting judge Dumisa Ntsebeza and commissioned by the South African Institute of Chartered Accountants (SAICA) will probe whether KPMG accountants and auditors violated the industry's ethical code of conduct.

In addition to the Ntsebeza inquiry, KPMG is also facing a more muscular investigation into its conduct by the Independent Regulatory Board for Auditors and it is likely to also appear before the Judicial Commission of Inquiry into state capture headed by deputy chief justice Raymond Zondo.

 

[Gordon_R]

https://www.fin24.com/Companies/Fin...g-contracts-with-kpmg-and-nkonki-inc-20180417

Auditor General Kimi Makwetu on Tuesday announced his office’s decision to terminate, with immediate effect, the government's auditing contracts with KPMG and Nkonki Inc.

The two beleaguered companies had been doing public sector audits on behalf of the Auditor General of South Africa, the AG said in a statement.

The AG uses various private audit firms – such as KPMG and Nkonki Inc - to conduct audits on its behalf and support its auditing staff.

The contracted firms are obliged to "stringently follow" the AG’s auditing standards as well as the ethics that are the pillars of the accounting profession, it said.

"Once these have been fundamentally impacted, we are called upon to review and reassess our position."

 

[infscrtyrisk]

Audit firm Nkonki to voluntarily liquidate Sunninghill operation

“It is regrettable that on April 17‚ 2018‚ the Auditor-General announced publicly that his office had decided to terminate its auditing contracts with Nkonki with immediate effect‚” the statement continued.

Contracts with embattled KPMG would also be terminated‚ the AG said.

“The termination of these contracts arose as a direct result of negative media publications against the majority shareholder‚ Mr Mitesh Patel‚ concerning the purchase of his shareholding in Nkonki.”

https://www.timeslive.co.za/news/so...-voluntarily-liquidate-sunninghill-operation/

 

[Voicy]

Yeah, right.

No but really, THIS time we promise.