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


This article first appeared on 702 : It’s not only KPMG! Largest auditing firms not too big to fail – audit regulator


Recommended

by NEWSROOM AI
Read More
South Africa can have cheap electricity, forever! – former Eskom engineer

South Africa can have cheap electricity, forever! – former Eskom engineer

The Money Show’s Bruce Whitfield interviews Dr Tobias Bischof-Niemz, CEO at ENERTRAG South Africa.

'Drop shipping' - the shady side of connecting buyers with sellers on the web

'Drop shipping' - the shady side of connecting buyers with sellers on the web

The web was supposed to connect buyers to sellers, but not like this.

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

TymeBank has no branches and no monthly fees. Most transactions are free. Bruce Whitfield interviews its CEO.

Buying a used car? New app sends mechanic to inspect it before you decide

Buying a used car? New app sends mechanic to inspect it before you decide

Hanru Reyneke is on a mission to disrupt the used-car industry in South Africa by providing peace of mind to punchdrunk consumers.

How to get off the Eskom grid

How to get off the Eskom grid

Homes and businesses… Grahame Cruickshanks (Green Building Council SA) offers advice on freeing yourself from Eskom.

Billionaire gives away R100 billion, leaving only 0.0002% of fortune for himself

Billionaire gives away R100 billion, leaving only 0.0002% of fortune for himself

You've probably never heard of Chuck Feeney. Nevertheless, he’s one of the strangest, most impactful people who has ever lived.

Popular articles
Eskom: WhatsApp message about Thursday 'blackout' is fake news

Eskom: WhatsApp message about Thursday 'blackout' is fake news

Eskom's head of generation, Andrew Etzinger, says the WhatsApp message doing the rounds about a blackout is misinformation.

What are the rules and regulations when it comes to owning a generator?

What are the rules and regulations when it comes to owning a generator?

A listener on the Afternoon Drive has shared his frustrations with a neighbor's noisy generator and the health risks it posed.

SA second most stressed nation in the world - Here's what you can do about it

SA second most stressed nation in the world - Here's what you can do about it

Health and Performance Educator and Consultant, Richard Sutton discusses methods for de-stressing.

Distraught caller describes harrowing experience on Baden Powell Drive

Distraught caller describes harrowing experience on Baden Powell Drive

A CapeTalk caller explained to Lester Kiewit how he went through flames and over rocks, and debris to escape his car being stoned.

What's next with Jacob Zuma's corruption charges trial?

What's next with Jacob Zuma's corruption charges trial?

Investigative journalist, Karyn Maughan, reflects on a year since charges against former President Jacob Zuma were reinstated.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.