KPMG’s woes worry Reserve Bank

The meeting comes as concerns grow in government and business circles that KPMG is on the brink of implosion and that this could have a range of negative effects — from disruption of banks to job losses and an enhanced perception of the risk of doing business in SA.

KPMG is the employer of 3,500 people.

The Reserve Bank would not comment on the scheduled meeting, saying that it regularly engaged with the regulated sector and that “it was not the policy of the [Bank] to comment on these engagements”.

Mayihlome Tshwete, the spokesman for Finance Minister Malusi Gigaba, said the minister was taking advice and would soon make a public comment.

But while arguments are now emerging that the death of KPMG would not be good for SA, there remains a strong view among some business leaders and civil society groupings that the firm must close if public trust is to be re-established in the auditing profession.

Source

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