ETHICS
KPMG must tell the truth, the whole truth and nothing else but the truth
The once trendy notion that business ethics could be safely relegated to the bottom of the corporate "things to do" list has lost its relevance, primarily due to the large number of global high-profile corporate failures and accounting scandals. Ethical failures have become facts of the new century, not just textbook possibilities, and the KPMG seminal breach of ethics in SA adds one more indictment to this despicable global saga. These scandals are quite a record for an industry that, at least until recently, managed to retain an image as staid and dependable. Concern has also mounted of late about whether auditors are truly independent of their clients. Accounting firms have come to rely more on consulting work than on traditional audits for their revenue, raising questions about their ability to stand up to clients if improper account practice is suspected. There has also been public disquiet about the role professional auditors and audit firms have played in these corporate scan...
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