KPMG announces new leadership team for South Africa
New KPMG South Africa CEO, Nhlamu Dlomu, on Monday announced a new executive team that she said “will support her in restoring public trust and rebuilding the firm”.
KPMG International said last month that the local business would face an independent inquiry after an internal investigation into the work done for companies associated with the Guptas.
Eight senior executives quit in the wake of the findings even though KPMG didn’t find evidence of illegal behavior or corruption.
The internal probe also resulted in KPMG South Africa withdrawing the findings of a report about a so-called rogue unit at the Revenue Service.
The firm is being probed by the country’s regulatory body for auditors and the South African Institute of Chartered Accountants for the work it did for the Revenue Service and the Gupta family, who have been accused of using their friendship with President Jacob Zuma to wield undue influence over state contracts and cabinet appointments, Bloomberg said.
The Guptas and Zuma have denied wrongdoing.
“I am pleased to announce a strong and experienced team of KPMG partners to lead the firm. This is day one for the new KPMG, a KPMG where public interest will share an equally important role with enhanced governance, quality and ethics,” said Dlomu in a statement.
“We understand that the immediate road ahead will be challenging, but I believe the individuals in this team have the necessary skill, experience, passion and energy to lead KPMG to, once again, be a standard setter in the profession.”
Gary Pickering, a Chartered Accountant and Audit Partner will lead the group’s Audit practice. “Gary has been the lead or engagement partner of several of KPMG’s major clients in the financial services sector. Sipho Malaba, a Chartered Accountant, will continue as the executive team member responsible for our largest business unit, Financial Services Audit. In addition, Sipho will lead the firm’s strategic projects,” Dlomu said.
Granville Smith will lead the Advisory practice and Joubert Botha, currently the Chief Operating Officer for Tax, will serve as interim leader for that part of the business, Dlomu said.
Modise Maseng will lead the Public Sector work, “continuing to help many public institutions plan and deliver better programmes for South African citizens. Makgotso Letsitsi will be the leader for KPMG People”.
“All three functions of the business (Audit, Tax, and Advisory) will be supported by the Markets team which will be led by Nosisa Fubu,” Dlomu said.
As part of KPMG International’s (KPMGI) continued and committed support of the South African firm, Andrew Cranston has been appointed as the interim Chief Operating Officer.
“As part of KPMG South Africa’s action plans to improve governance and risk management, we have allocated a full time executive position to the Head of Risk, to manage client acceptance and retention within the firm. That role will be filled by Brian Stephens, a South African who is a former partner of KPMG’s US member firm.
“Brian has 36 years’ experience with the firm where he spent the majority of his career working with large, complex, multinational banking and other financial organisations. He is well-versed in the wide range of issues faced by global organisations and is a frequent speaker at relevant industry forums,” said Dlomu.
Read: ‘Golden handshakes’ for ousted KPMG South Africa executives
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