• Register
Return to: Home > News > Service Lines > South African regulator extends independent investigation into KPMG

South African regulator extends independent investigation into KPMG

The South African regulator, the Independent Regulatory Board for Auditors (IRBA), has extended its investigation into the KPMG audits of Linkway Trading and the South African Revenue Service (SARS) Report.

IRBA confirmed that one line of investigation is near completion, and will be shared at the upcoming investigating committee meeting, while further lines are “progressing satisfactorily”. Yet, in both matters, some information requested from KPMG has not been received and IRBA is continuing engagement to obtain it.

IRBA launched the investigation in July 2017 into KPMG’s 2014 audit of Linkway Trading (Pty), a company owned by the Gupta family, who allegedly used government funds to pay for a wedding of a family member.

Also in 2014, KPMG South Africa had been appointed to conduct a forensic investigation into a SARS intelligence unit which investigated high profile tax offenders between 2010 and 2014. Yet, KPMG’s report findings and recommendations to fire senior SARS investigative executives were withdrawn for being legally flawed.  

IRBA reiterated that their investigation into KPMG is separate to the independent inquiry funded by the South African Institute of Chartered Accountants (SAICA) led by advocate Dumisa Ntsebeza to examine employees not the company’s work. IRBA had previously cautioned SAICA over potential confusion over the nature, scope and findings of two different investigations.

Related articles

KPMG out of south africa? 

KPMG investigated by South African regulator

South African institute to fund independent inquiry into KPMG staff’s conduct

South African institute's independent panel inquiry into KPMG South Africa staff appointed

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.