Business In The News South Africa

South Africa’s Absa bank to ‘reconsider’ KPMG relationship

JOHANNESBURG, October 3 – Barclays Africa and Absa Bank on Monday, said that it would continuously reconsider its position with embattled auditing firm KPMG South Africa as more information becomes available on some investigations and reviews that are currently underway. This comes as the South African Reserve Bank (Sarb) over the weekend reportedly told the banks that […]

Business In The News South Africa

SA business confidence hit by political uncertainty and corruption – analyst

JOHANNESBURG, September 28 – Business confidence in South Africa was at an all-time low as a result of political uncertainty, poor economic performance, policy confusion and a general lack of leadership, a turnaround strategist said on Thursday. Alastair Macduff, chairman and chief executive of the Turnaround Management Association Southern Africa (TMA-SA), said South African businesses were in […]

Business In The News South Africa

SA board of auditors ‘regret’ declining audit standards

JOHANNESBURG, September 28  – The Independent Regulatory Board for Auditors (IRBA) has expressed regret over South Africa’s dramatic decline in rankings for auditing standards. The World Economic Forum’s (WEF) Global Competitiveness Report 2017-2018 released on Wednesday showed South Africa lost the number one spot it held for the past seven years. South Africa was now ranked number 30 in the strength […]

In The News South Africa

Business Leadership SA suspends KPMG

JOHANNESBURG, September 22 – The Board of Business Leadership South Africa (BLSA) has decided to suspend the membership of KPMG (SA) pending the outcome of an independent investigation into the organisation’s involvement in conduct related to “state capture” in South Africa. BLSA said in a statement on Friday that the move follows a process of engagement […]

In The News

KPMG must be blacklisted, says Sanco

CAPE TOWN, September 20 – The South African National Civic Organisation (Sanco) has called on government and business to blacklist KPMG for unethical behaviour. The call follows the resignation of a number of the international audit firm’s senior South African executives and withdrawal of its findings on the South African Revenue Service(Sars) report into the so-called […]

Business In The News South Africa

KPMG conduct ‘deplorable’, Moyane ‘opportunistic’ – SA Communist Party

CAPE TOWN, September 19 – Both the South African Revenue Service (Sars) commissioner Tom Moyane and auditing firm KPMG must face action for the fiasco around claims of a “rogue unit” within the revenue service which led to several people losing their jobs, including former finance minister Pravin Gordhan, the SA Communist Party (SACP) said […]

In The News South Africa

Parliament’s watchdogs on finance and public accounts want answers on KPMG debacle

PARLIAMENT, September 18 – Parliament’s standing committee on public accounts on Monday said it would summon auditing firm KPMG to explain to MPs why it should continue doing business with the state given questions around its credibility. “KPMG’s unexplained withdrawal of a South African Revenue Service [Sars] report and its work in the integrated financial […]