All Audit firms are confronted by the same problem. In South Africa we have different laws for different citizens.
If you are a member of the "protected majority" then BEE codes and laws allow you to do what a non-protected citizen may not do. When a non-BEE citizen is awarded a loaded contract for a tender that is 30% higher than all other tenders he will be guilty of fraud under the Public Finance Management Act. He will be guilty of the violation of governance and procurement policies.
When a BEE citizen on the other hand, does the exact same thing he acts within BEE codes and his acts are within "his" law. BEE citizens have a license from the state to loot SOE's and plunder the taxpayer. BEE citizens are protected from prosecution, even if their acts lead to the implosion of the SOE's and the economy. It is expected of a BEE citizen to act without ethics, with zero business acumen and to add zero value, as long as he enriched himself. The BEE law allows and motivates a criminal to act with impunity.
Now everybody is jumping up and down about the ethics and the implementation of the law at KPMG, McKinsey and SAP, but what ethics and which law? Their acts violate ethics and broke the non-BEE laws yes, but they are within BEE laws and ethics.
South Africans set themselves up to be plundered when they wrote BEE codes into law. That was the beginning of the end for South Africa. BEE codes are a license to plunder. Audit firms did not write these laws, they merely operate under them. The ANC created this Frankenstein that they are now so vehemently protesting against. As a member of the ANC, Mr Gordhan dug his own grave, with respect.
conveniently shifting the blame.....KPMG has undermined SA’s reputation for good governance and audit independence...it is not KPMG governing the land into the ground. They merely reflected what the client ( you and cronie brotherhood ) wanted in report. They made a big mistake and will soon be gone. The CancER will still be with us. All the corruption and state capture will not go away with KPMG. CLOWN
Which ever way you look at it, Pick 'n Pay will now be the leading leech retailer. they should be encouraging people NOT to buy on credit instead of encouraging it. This may be the right time to look at who else in the grocery market there is who will respect their customers, and not leech on them. Checkers? Spar? Most likely. Their prices are better too.
If I signed up to go and do my articles at KPMG next year, I would try and get out of that as soon as possible. The fact is, I am going to work like a slave for the next 3 years to qualify as CA and then have one huge big stink on my CV called "KPMG" and I wasn't even part of it. Now that is a raw deal!
The article's heading, brings me to RW Johnson's comment (in his book "How Long Will SA Survive") where he noted how ill-equipped the current ruling party is for the task ahead, noting "...that it is now clear that South Africa can either choose to have an ANC government or it can have a modern industrial economy. It cannot have both.”
Pravin Gordhan and Mcebisi Jonas once again you show your integrity and which leave us as South Africans extremely angry that both of you are not in the positions you should be: Finance. KPMG cannot withhold ANY information and have an obligation towards the public of South Africa: Open Press Conference with full disclosure, question and answer session with journalist and an apology to the public of South Africa.
Exactly, that's the same question I asked myself 2 years ago. What do they do with that info. They knew everything about me, it made me uncomfortable. Hence I left.
1. They know you health status.
2. They know your fitness status
4. They have a GPS tracker on your car, so they know your whereabouts. (Short term insurance)
5. Soon, they will know your spending behavior with their new bank
So from all this information by using algorithms, they may be able to predict your:
1. Life expectancy
2. Your whereabouts
3. Financial situation
4. Health status
BIG BROTHER is watching. George Orwell 1984
they dangle the carrot of Vitality 'benefits', but could there be a hidden agenda for getting people to sign up??With all the personal medical/lifestyle/financial data that they've got,what are they doing with that info?What really worries me about them is how private our medical data is. Do they comply with POPI? How would we know? Watch them like hawks I'd say.
where is MH when you need him? -"The FANG stocks have been the market leaders so far this year". rubbish. I sold AMZN close to its 52 week high in july - since then it is down 12%. the darlings of the us markets have been biotech - esp KITE PHARMACEUTICALS - which was taken over after it had increased 252% THIS year - (400% since I bought last year). please if you going to submit - get your facts right!!!!
Trevor has a credibility issue. He imagines he can reform a criminal organisation from within. Poor Trevor is highly delusional. If he has SA's welfare at heart he would help tear down the ANC. It is under the ANC's auspices that South Africa became a failed state.