EDITORIAL: KPMG shows need for new audit rules
Why KPMG keeps enduring scandal after scandal is a question for CEO Nhlamulo Dlomu to answer. Is there a rotten culture of taking shortcuts?
Nhlamulo Dlomu has only been at the helm of the SA arm of auditing giant KPMG for seven months. But she must surely wish she’d never taken the job. "Clearly what has happened at VBS Mutual Bank has really disappointed me at a personal level," she told the Financial Mail this week. "I feel let down and it’s difficult not to be angry about it." Dlomu, with a solid record at Nedbank and Anglo Platinum, would be justified in being furious. After all, she only took the job last year, after KPMG admitted the work it did for the Guptas "fell considerably short of KPMG’s standards" and that its "quality controls" around a report compiled for the SA Revenue Service were not up to scratch. Several KPMG top brass left. In their place came Dlomu with a pledge that "we are working hard so that this never happens again". Fast-forward to March 2018. VBS Bank is placed under curatorship after it ran out of cash. Anoosh Rooplal, who was appointed as a curator, then finds an unholy mess, partly due t...
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