The one positive of this, even if some of it is depressing, is that there'll be life on the other side, writes Adriaan Basson.
A tax expert takes a closer look at where there could be scope for Minister of Finance Tito Mboweni to make up the shortfall.
KPMG’s former US national managing partner for audit quality and professional practice has been slapped with a prison sentence for defrauding an accounting regulator.
"Delighting" clients has become the primary aim for accounting firms and this undermines their moral courage, says KPMG SA chair Wiseman Nkuhlu.
Ignatius Sehoole, ex-SAICA head and KPMG's new CEO, shed light on reforms at the company and the auditing profession more generally.
KPMG Southern Africa officially opened its new office in Cape Town earlier this week.
KPMG helped SA falter, but with hard work, it could be part of the solution too, says Solly Moeng.
KPMG South Africa has released a 45-page report laying out the measures it adopted as it tries to recover from the reputational damage it suffered after the revelation of irregular audit practices by some of its partners.
IRBA has concludes the disciplinary hearing of a former KPMG auditor who worked on the books of a Gupta-linked company.
KPMG South Africa says it is now "a very different business", as it appeals for public trust after being embroiled in Gupta-linked and other auditing scandals.
The auditing firm says it will be distributing the R47m it earned in fees from Gupta-related entities to civil society.
If the audit profession really cared about reputation and the need to win the trust of South Africans, there's a lot more it would be doing, says Solly Moeng.
Simply obeying tax rules is not enough when it comes to so-called aggressive tax planning, in the view of a tax consultant at KPMG.
One of the lessons KPMG has learnt in the aftermath of suffering major reputational damage is to check whether employees are living beyond their means, according to CEO Ignatius Sehoole.
Ex-SAICA president Ignatius Sehoole has taken up his position as CEO of KPMG, the company said in a statement on Tuesday.
Denmark has reported the local operations of Ernst & Young and KPMG to the police amid a widening crackdown on money laundering in the country.
The auditor responsible for auditing Gupta-linked company Linkway Trading has been struck from the register of the Independent Regulatory Boards for Auditors. This is the first matter arising from the Gupta Leaks to reach a disciplinary conclusion and sanction, IRBA noted.
SA law has been changed in relation to the exemption of foreign employment income and effective 1 March 2020 this exemption will be capped, says a tax expert.
KPMG South Africa's executive chairman, Wiseman Nkuhlu, says enhanced audit reviews and stringent client selection are just some of the key strategies that the firm has since adopted to rebuild its tainted brand.
A forensic report into a delayed national IT system has recommended that Treasury director general Dondo Mogajane take action against officials allegedly responsible for financial mismanagement.
CEO designate Ignatius Sehoole says he will work to continue restoring confidence in the firm, whose reputation took a hammering due to its past auditing work for Gupta-linked entities.
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