SABC News - KPMG damage control could be in vain: Expert:Tuesday 19 September 2017

KPMG damage control could be in vain: Expert

Tuesday 19 September 2017 11:59


KPMG had earlier denied knowing about the Gupta’s R30m wedding transaction.(REUTERS)

African Business expert, Victor Kgomoeswana, says it is important for firms to act independently. This comes after the KPMG-Gupta debacle that led to their top executives from South Africa standing down.

The South African Revenue Services (SARS) has meanwhile withdrawn its rogue unit report calling into question the integrity of auditing firm, KPMG on Monday.

Kgomoeswana believes Trevor Hoole, former KPMG CEO stepping down as an act of damage control for the auditing body but says South Africa should await to see whether the efforts will be successful.

“The story of what’s happening at the moment is just a symptom. Business has people who play by the book and those who don’t play by the book. The independence of firms like this cannot be compromised. Some of these problems have more than just to do with who's running the firm, its actually the people who are running the accounts. It embarrasses us when any African country, especially a leading economy like South Africa makes headlines for this.”

Click below for the full interview:

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