AUDITING PROFESSION
Changes coming at KPMG SA as parent moves in
Restructuring will include the retrenchment of 400 employees and closure of some regional offices
KPMG SA has lost its ability to rehabilitate its image and win back the confidence of its corporate clients in SA. It turns out KPMG International is looking to take much deeper and extensive control of the local outfit. This was one of the observations that came from an update the company provided on Monday. The firm also announced that due to recent client losses and levels of demand it would undertake restructuring in which it expects to retrench 400 employees over the next two months. This will see its head count falling from 2,700 to 2,300 by the end of July. The restructuring will also result in the closure of its regional offices in Mbombela, Bloemfontein, Polokwane and East London. While the regional offices are mainly involved in audit work, there will also be job losses in the firm’s consulting and administration divisions. The company indicated that it did not expect any changes to staff levels in its financial services audit franchise. The local division of the internati...
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