KPMG to review hundreds of audit files from the past two years
KPMG will review at least 200 audit files going back two years as part of wide-ranging efforts to reassure its clients and the public of the ethical behaviour of its employees and the quality of its audit work. The files relate to well over 100 companies. Teams from other KPMG offices would arrive on Monday to conduct the review, ensuring “independence and rigour” to give clients “comfort about the past”, the recently appointed independent chairman of KPMG, Wiseman Nkuhlu told journalists on Sunday. The latest development comes following renewed concerns over the quality of KPMG’s work, as it emerged that it was the auditor of VBS Mutual Bank, which was placed into curatorship in March and is now suspected of possible fraud. Two of the partners on the VBS audit, Sipho Malaba and Dumi Tshuma, resigned at the weekend when faced with disciplinary charges brought against them in relation to their work for VBS, KPMG said. Malaba had not disclosed loans that he held with VBS, which was ...
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