KPMG audit investigation to be fast-tracked

The Independent Regulatory Body for Auditors (IRBA) has told parliament that the investigation into KPMG will be fast-tracked, Reuters reports.

“We will fast-track the investigation, but we have to respect the prescribed process of the auditing profession act and disciplinary rules,” the group told parliament’s finance committee.

It said that in the beginning of the process, it did not always receive the information that was required from KPMG, but the under-fire firm has now committed to cooperate with the investigation.

The IRBA investigation is one of several probes into KPMG’s working relationship and contracts with the controversial Gupta family, as well as its work into the so-called rogue unit at SARS.

The firm has been accused of turning a blind eye to alleged money laundering by Gupta-linked companies, and also for pushing a false narrative around SARS’ specialised investigative unit, allowing political pressure to be placed on former officials.

KPMG International has launched an independent investigation, while the Companies and Intellectual Properties Commission (CIPC) also has an active investigation into the matters raised by media reports.

Businesses like Sygnia and Sasfin have abandoned the auditor over the allegations, while South Africa’s big banks are actively reviewing their relationship with the firm.

Read: Absa will ‘reconsider’ KPMG relationship

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KPMG audit investigation to be fast-tracked