The Guptas' auditors, KPMG, have been publicly disgraced, but don't expect retribution from the Independent Regulatory Board for Auditors any time soon, says CEO Bernard Agulhas. The board is investigating whether KPMG broke any rules when it failed to detect how R30-million of taxpayers' money ended up paying for a lavish Gupta wedding via the Gupta-owned company Linkway, which it audited. Agulhas says the process of investigating and bringing corrupt audit firms to book is painfully slow and not in the interests of the public. "The process needs to be streamlined," he says. "We're looking at how we can get to a decision much quicker." But don't blame the board, he says. The lawyers employed by audit firms - and the bigger they are, such as KPMG, the more formidable their legal resources - seem to do everything they can to prevent a speedy resolution. "It's not our process that is slowing this down, it's engaging with the auditors and more so with their lawyers. This makes the proc...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.