ROB ROSE: KPMG bites its own tail
It may not go far enough, but KPMG CEO Ignatius Sehoole is at least doing something — even if other audit firm bosses say it’s superficial
Ignatius Sehoole, CEO of auditing firm KPMG, won’t be expecting Christmas cards from SA’s other auditing firms any time soon. He was, in fact, bluntly told as much by two ex-leaders of SA audit firms this week, after KPMG took something of a radical decision in an industry famous for acting with all the urgency of one of President Cyril Ramaphosa’s inter-ministerial committees.
In a nutshell, KPMG has decided to stop providing non-audit services — such as consulting and tax advice — to large JSE-listed companies which it also audits. It’s a move long touted as an elixir to the ebbing quality of audits...