JOHANNESBURG – Embattled auditing firm KPMG yesterday said it would be reviewing work done by all its audit partners in the past 18 months, and is conducting background checks of its audit partners and their spouses.
The firm said the drastic step was to “assess the commitment to quality and professionalism of our engagement teams”. The review will encompass about 200 files and comes in the wake of the firm’s two audit partners whose conduct was found wanting in relation to VBS Mutual Bank, which has since been placed under curatorship and a forensic investigation.
The saga surrounding VBS has firmly brought back beleaguered KPMG into the spotlight, with the firm’s head of its largest business unit, financial services auditing Sipho Malaba resigning…
