KPMG CEO Has Not Found Systemic Problems At Firm

PICTIURE: 702

(Reuters)

Weaknesses at KPMG South Africa are not systemic and reforms are underway to address mistakes made in work it carried out for business friends of President Jacob Zuma, the firm’s new local chief executive told parliament
on Thursday.

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KPMG sacked a number of South African executives last month after it found work undertaken for firms owned by the Gupta family, Oakbay Investment – a trio of Indian-born businessmen with close ties to President Zuma – “fell considerably short” of its standards.

A number of companies have since dumped the auditing firm.