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KPMG CEO ‘greatly disappointed’ by Gupta work

Dlomu promises reform to make sure mistakes won’t happen again.
KPMG CEO Nhlamu Dlomu says weaknesses at KPMG are not systemic. Picture: Supplied

KPMG’s new chief executive in South Africa said on Thursday she would make sweeping changes to ensure the firm did not repeat “greatly disappointing” work it did for business friends of President Jacob Zuma.

Nhlamu Dlomu, who took up the top job in South Africa after most of the local board was sacked last month, said an announcement would be made in the coming days about an independent inquiry into its work at firms owned by the Guptas – three Indian-born businessmen with close ties to Zuma.

“I have personally been greatly disappointed by how far we have fallen short of the standards we set ourselves,” Dlomu told parliament’s committee of public accounts.

“I am determined that these mistakes do not happen again, which is why we have already made a number of changes. I am leading other reforms.”

Dlomu said any person found by the investigation to have failed to do their job would be held accountable. She said the changes would also strengthen governance and ensure decision-making was more centralized.

KPMG has been dropped by at least three companies listed in Johannesburg. Big banks such as Barclays Africa and Standard Bank are also considering whether they should drop the firm.

KPMG is under investigation by South Africa’s Independent Regulatory Board for Auditors. Dlomu said it was cooperating with the probe and has handed over requested documents.

Several other global firms have faced problems due to their work for the Gupta brothers including business consultancy McKinsey and public relations agency Bell Pottinger. 

Listen: ‘KPMG is a corrupted brand that’s lost all credibility’

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Meaningless platitudes. Every opportunity to deal with these issues over a long period of time. Only “Greatly disappointed” when caught out and exposed. Everyone is sorry when the cat is out the bag. Except for Zuma and the Guptas of course. Being president or the boss of the president means never having to say your are sorry.

and you are still falling like a rock…..come clean man…communicate with the public and expose all….your’e sacked co workers got a golden handshake while they committed a crime.

Better come clean about the whole Kebble/JCI/Randgold story as well if you want to have any form of credibility!

Only one fix for this company, close it down like Bell Pottinger.

Like many South Africans I will not do business with any company using KPMG.

The damage done to South Africa is unforgivable.

What a sham – the new ceo looks clearly inexperienced and out of her depth to handle such a crisis. Jus appoint a young especially a black women to handle the sh*t while all the senior men (partners) especially the white men who were ranking in the millions in fees run for cover. What cowards.

Do you remember in 1994 FW de Klerk knew that the NP’s days were over but there would always be some die-hards who would fight until the end and prolong the party’s suffering. Hence he roped in an inexperienced youngster, completely out of his depth, in the form of Kortbroek van Schalkwyk. Needless to say, the party died a quick painless death. The same principle applies here.

In the US you (KPMG) would all be in restraints (cuffed & chained) irrespective of the position you hold and applying for bail, is sa the taxpayers get further punished by paying for never ending “pampoen commissions” where after 10-year gets referred to the constitutional court which reserves judgement. All at the expense of the taxpayers what a lovely environment. The only ones laughing all the way to the bank are the legal councils

And when are you going to fix the Kebblegate-Investecgate-KPMGgate debakle please?

There is not a single reason on earth to believe that any CEO of KPMG or any other executive will be telling the FULL truth ever. So, the trust is already gone as KPMG will be when enough people stop doing business with them and Companies that use them.

Since when does a auditing firm have a CEO without the CA

End of comments.

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