Saica to convene investigation into KPMG’s work for Gupta firms
The South African Institute for Chartered Accountants (Saica) is playing an oversight role over the independent investigation into KPMG SA’s work for the Gupta family and the report on the South African Revenue Service’s (SARS) so-called rogue unit.
Last week, KPMG’s new CEO Nhlamu Dlomu said the panel members, the scope, terms of reference and the estimated duration of the inquiry would be announced on October 12. The inquiry will be led by two senior counsel. The outcome of the inquiry will be made public, Dlomu said last week.
However, it was not clear last week who was convening the independent inquiry. Saica said its role was to ensure that the inquiry was established and that it was independent. The person selected to lead the inquiry would announce how the process would unfold.
KPMG has come under fire for the work it did on the Gupta accounts and for SARS. This led to a number of senior managers at the company being released.
Several high-profile clients have dropped KPMG as their external auditors and others are reviewing their relationship with the embattled company.
The Independent Regulatory Board for Auditors is also investigating KPMG’s conduct. Dlomu said the firm would co-operate with the regulatory board in its investigation.
Last month, SACIA threw its weight behind calls for an independent judicial enquiry.