More audit firms at risk as auditor-general wields axe
Difficulties are everywhere in the profession, says auditor-general
More audit firms could find themselves excluded from the list of the auditor-general’s approved audit contractors after KPMG and Nkonki were struck off this week. Auditor-General Kimi Makwetu says he is awaiting the outcomes of several investigations. KPMG and Nkonki together accounted for R90m out of R450m worth of audit work in the public sector. Makwetu’s decision to terminate the contracts was based on concerns over transgressions of professional competence, independence and ethics at the two companies. The auditor-general’s office contracts 114 private sector audit firms, excluding KPMG and Nkonki, according to his office. "There are difficulties everywhere in the profession," Makwetu told Business Day on the sidelines of a panel discussion on the integrity of the auditing profession on Wednesday. "When we look at our contract work schedule we assess all of them. By not acting on the others we are not pronouncing on their guilt or otherwise." He said the Independent Regulatory ...
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