It’s not only KPMG! Largest auditing firms not too big to fail – audit regulator

The audit regulator is planning sweeping changes to respond to scandals such as the one KPMG is currently struggling with.

The disgraced auditing firm is reviewing all work it has done in the last 18 months to repair trust in the organisation.

It will also do “integrity checks” within the organisation.

It announced at the weekend that two of its partners had resigned after facing disciplinary charges over VBS Bank and their failure to comply with the audit firm's policies.

Sipho Malaba, the lead auditor responsible for signing off the banks financials, held loans with the bank but had not declared its full extent.

The Money Show’s Bruce Whitfield interviewed Independent Regulatory Board for Auditors CEO Bernard Agulhas.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

They have 30 days to respond to us… so we will know soon…

Bernard Agulhas, Independent Regulatory Board for Auditors

There are new investigations almost every week…

Bernard Agulhas, Independent Regulatory Board for Auditors

The level of cooperation [by KPMG] has improved… they are providing us with the information we require.

Bernard Agulhas, Independent Regulatory Board for Auditors

The board has agreed… to a disciplinary hearing…

Bernard Agulhas, Independent Regulatory Board for Auditors

There’s a lot in the news about KPMG… but we don’t believe it’s limited to KPMG… the awareness of the work of auditors – and their independence - has raised substantially… We’re getting more complaints… It’s very good that the public is aware of the responsibility of auditors…

Bernard Agulhas, Independent Regulatory Board for Auditors

The big auditing firms are not too big to fail…

Bernard Agulhas, Independent Regulatory Board for Auditors

Click here (then “like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
You are dying – quite literally – for a paycheque

You are dying – quite literally – for a paycheque

Ian Mann on “Dying for a Paycheck: How Modern Management Harms Employee Health and Company Performance..." by Jeffrey Pfeffer.

Certainty for the mining sector… Aaaand it’s gone!

Certainty for the mining sector… Aaaand it’s gone!

Government is challenging a ruling on "always-empowered”. Paul Burkhardt (Bloomberg) and mining attorney Hulme Scholes comments.

Côte d'Ivoire… Wow. Just wow!

Côte d'Ivoire… Wow. Just wow!

Bruce Whitfield interviews Lee Kasumba, who is wrapping up her fact-finding mission in Côte d'Ivoire.

I still drive a 2000 Camry. I don’t like debt - Chris Schutte (Astral Foods CEO)

I still drive a 2000 Camry. I don’t like debt - Chris Schutte (Astral Foods CEO)

The Money Show’s Bruce Whitfield interviews Schutte about his attitude to money (hopes and fears, successes and failures, etc.).

Where should government invest with small businesses?

Where should government invest with small businesses?

The Money Show’s Bruce Whitfield interviews Allon Raiz, CEO at Raiz Corp on government focus with small businesses.

Get the best bits of ‘The Money Show’ emailed to you daily, right after it ends

Get the best bits of ‘The Money Show’ emailed to you daily, right after it ends

Do you enjoy listening to Bruce Whitfield’s The Money Show, but miss it sometimes?

Popular articles
[WATCH] Grootes's take on why EFF silent on Dlamini's SABC interview

[WATCH] Grootes's take on why EFF silent on Dlamini's SABC interview

702 Afternoon Drive host Stephen Grootes's comment involves past dealings that involve EFF national chair, Advocate Dali Mpofu.

This is how much you should be paying your domestic worker

This is how much you should be paying your domestic worker

Stephen Rathai, director of employment standards at the Department of Labour talks on the new national minimum wage.

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...