Can KPMG SA recover its brand reputation?
A number of entities are relooking their relationship with the audit firm
As evidence continues to mount against KPMG a number of listed entities are relooking their relationship with the embattled audit firm. The firm’s CEO, COO, board chairman and five others have exited the firm, and its SARS rogue unit report has been recalled, but is that enough to recover its reputation? For months KPMG turned a blind eye to allegations that it was complicit in a scandal involving the Gupta family. It has subsequently undertaken to repay the fees it earned compiling the SARS rogue unit report after internal investigations revealed its work on the report fell short of the company’s own standards. Last week the firm announced that an additional R40m earned through Gupta-related business will be donated to anticorruption organisations. In a country fed up with blatant corruption, can KPMG realistically rescue its reputation? According to reputation management specialist Tshepo Sefotlhelo, director of operations at Vuma Reputation Management, the jury is still out on t...
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