CORPORATE CLEAN-UPS
CAROL PATON: Removing the stench of state capture is easier said than done
KPMG’s problems have grown from being caused by a few bad apples to a trend that is indicative of a wider culture
Cleaning up after state capture is turning out to be difficult. Some companies just can’t get clean. They seem not to know how to do it. Others, having belatedly realised how important a thorough scrubbing is, have found themselves frustrated by unexpected obstacles. No matter how they try to do the right thing, the system just won’t let them. Audit firm KPMG is having the most difficulty. There is no doubt that new chairman Wiseman Nkuhlu and new CE Nhlamu Dlomu want to clean up. On Sunday they spent more than an hour at a media conference at their office in Parktown expressing and confirming and reconfirming their profound commitment – but in real life they haven’t got it right yet. So, while the auditing firm has instituted "integrity checks" of all senior partners and is to audit its own auditors; and since the Gupta wedding scandal has revised the risk profile of the business with the result that some of its client contracts were terminated, no one at KPMG thought to go back an...
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