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

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