The South African Institute of Chartered Accountants (SAICA) says it has noted KPMG’s decision to stop offering consulting services to their listed audit clients.
KPMG announced that it will not be taking up any work from the JSE listed companies, from the 31 March 2021.
It was reported that firms have been providing consulting services to the same clients they are supposed to audit.
SAICA CEO, Freeman Nomvalo, said “SAICA welcomes the decision taken by KPMG as it will no doubt remove any perception of conflicts of interest with their audit work for listed entities, and this is an important step in the journey to the restoration of trust in the profession.”
Nomvalo added that robust engagement among all stakeholders in the profession remains necessary and all stakeholders have a role to play.
“SAICA will continue to engage with affected role-players to ensure not only the reputation of members of the audit profession is restored and upheld, but that the public gain confidence that the audit profession operates in the public interest.” Concluded Nomvalo.