GRAEME HOSKEN: Inside the war on KPMG
'You are talking here about potential financial implications amounting to billions of rands. If these reports are questionable there will be consequences'
Parliament has declared war on beleaguered auditing firm KPMG, vowing to review every piece of advice the firm has offered it over the past decade. "This could totally destroy KPMG's reputation in South Africa, especially as they were used because of their credibility," said Nyami Booi, the ANC chief whip in parliament's standing committee on public accounts (Scopa). A source close to Scopa said the review might include the company's report into the 783 criminal charges against President Jacob Zuma that have been haunting him for years. "How do we know we can trust that report? The repercussions are huge," the source told The Times."We want to hear their side of the story," said Booi. "Their announcement goes way beyond the [SARS] 'rogue unit' report. It carries potentially catastrophic repercussions for South Africa's economy." Scopa chairman Themba Godi said KPMG's disavowal of its report had "huge implications". The committee wants to summon KPMG to testify before it in the first...
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