Government has cancelled its auditing contracts with KPMG and Nkonki.
(Also read: It’s not only KPMG! Largest auditing firms not too big to fail – audit regulator)
The two disgraced companies worked on public sector deals for the office of Auditor General Kimi Makwetu.
He said the issues engulfing the companies are worrying, and pose a significant risk to the reputation of his office.
KPMG released a statement on Tuesday, saying it hopes the termination of the contract is only temporary.
The Money Show’s Bruce Whitfield interviewed Makwetu.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
Both companies fail on the issue of independence…
— Kimi Makwetu, Auditor General
The risk is increasing…
— Kimi Makwetu, Auditor General
The overall credibility of the accounting and auditing profession in South Africa is in the gutter… It’s about time that practitioners deal with this decisively… it’s the entire system…
— Kimi Makwetu, Auditor General
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