The Independent Regulatory Board for Auditors (IRBA) announced today, 12 January 2018, that one of the lines of investigation into embattled audit firm KPMG was nearing completion and would be tabled at the upcoming investigating committee, while others are progressing satisfactorily.
The IRBA is investigating KPMG after it in September 2017 withdrew its reports on the work it did for the South African Revenue Services (SARS) to investigate allegations of a rogue unit allegedly set up by former SARS commissioner Pravin Gordhan and also for the work it did on behalf of the controversial Gupta family.
Bernard Agulhas, IRBA Chief Executive Officer said in a statement that the investigation into KPMG was multi-faceted and has extended into a number of lines of investigation, beyond the initial investigation into the audits of the SARS Report and Linkway Trading, the company at the centre of the ZAR30 million Gupta wedding scandal where public funds were allegedly diverted for a private wedding at Sun City.
An internal KPMG investigation found that work done for the Gupta family fell considerably short of accepted standards, leading to the company senior leadership in South Africa stepping down.
The IRBA is set to reporting back to Parliament on the progress of its investigations.