LETTER: Auditors cleaning up act?
What is really needed is to separate the functions of accountants from thief catchers
KPMG is looking for ways to stop hemorrhaging clients and, more importantly, reverse the firm’s massive loss of fees. These fell by R1bn in 2018 and they are now desperately trying to rebuild shattered trust. So what measures have they come up with? Get this, they are going to separate the auditing from the consultancy functions and, oh yes, be more inquisitive. This, according to KPMG chair Wiseman Nkuhlu, would be the new and groundbreaking approach when taking on new clients and when working with the government-linked entities (“KPMG Publishes First Integrated Report after Audit Failures”, March 7). Well, that will see their former clients flocking back, I’m sure. It’s easy to mock and oh so tempting to do so, but seriously, what should they actually do? Just a suggestion, perhaps do a better job. They could start by looking at how scandals are uncovered at the moment. This function is largely achieved by cowed whistle-blowers and intrepid journalists, neither party being paid by...
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