Heads roll at KPMG over Gupta work
The audit firm has begun a review of all work done for the family at the centre of state capture allegations, and admits it should have dropped them as clients sooner
Auditing firm KPMG SA has suspended its lead audit engagement partner and is relieving two other partners of their board and executive positions, pending the outcome of a review of the work the company did for Gupta-linked companies. However, the company is mum on the identities of the partners. KPMG SA’s CEO, Trevor Hoole, admitted on Friday that the global consultancy should have stopped working for the controversial family sooner than it did. The company ended its 15-year relationship with the Gupta family after the public protector initiated an investigation of their dealings. Hoole said that while the last audit opinions for the group were signed off on the February 28 2015 year-end, it was “now clear … KPMG should have resigned earlier” than March 2016. KPMG has initiated a review of the work done for the Guptas. Leaked e-mails recently revealed that payments made to the Guptas’ Linkway Trading had been used to cover the costs of the notorious wedding held at the Sun City reso...
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