KPMG inquiry hit by stumbling blocks

“The panel exercised its prerogative to allow these extensions as they were deemed both necessary and feasible. In addition‚ the advent of the festive period also necessitated further delays due to the unavailability of both the panellists and those making submissions‚ due to respective predetermined schedules.”

The inquiry will probe the work Saica members did at KPMG South Africa that might have contravened Saica’s code of conduct.

The panel found there was a “general lack of understanding” during the submission phase in the difference between the Ntsebeza Inquiry and an investigation by the Independent Regulatory Board for Auditors (Irba).

Irba as an industry regulator is investigating the conduct of KPMG South Africa and if implicated auditors should be deregistered. Saica set up its inquiry to determine if implicated personnel are Saica members and should be disciplined under Saica’s code of conduct.

“The panel’s sole focus is presently on current and former employees of KPMG who are members of Saica and who have been adversely implicated in the relevant period‚” MMMG Attorneys said.

“There appears to be an expectation that the Inquiry will hold any implicated CAs (SA) accountable. There are three distinct processes‚ namely‚ an investigation‚ adjudication and imposition of sanctions.”

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