Kimi Makwetu reassures public about risks, after firing KPMG and Nkonki
Of the R450m worth of public-sector audits conducted by private-sector audit firms, KPMG and Nkonki combined accounted for about R90m, the auditor-general says
Auditor-General Kimi Makwetu said risks to the public sector were now minimised "to the greatest extent" following his shock decision to drop KPMG and Nkonki as auditors of government departments and state-owned companies this week. Of the R450m worth of public-sector audits conducted by private-sector audit firms, KPMG and Nkonki combined accounted for about R90m, according to Makwetu, who declined to elaborate on the value of the mandate that accrued to KPMG. He said the decision was communicated to the companies early this week with a condition that he would review the decision once further substantive information was provided by the companies. Explaining his decision at a debate into the integrity of the auditing industry in Johannesburg on Wednesday, Makwetu said his office — while waiting for the outcomes of various high-level investigations into KPMG’s conduct in recent months — was concerned about the conduct of KPMG audit partners in the external audit of VBS Mutual Bank. T...
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