Today's Labour News

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KPMGBusiness Times reports that the word used by KPMG employees last week to describe the situation at the country's fourth- largest audit firm was ‘panic’.  

The latest fears were stoked by the office of the auditor-general, which pulled the plug on KPMG's audit contracts last Monday.  Employees are now faced with the real prospect of retrenchment.  It is understood there has already been a steady exodus of staff since signs of trouble in the audit firm, linked to Gupta accounts, emerged last year.  Former KPMG employees said morale was at an all-time low and that it was "panic as usual".  Auditor-General Kimi Makwetu said the decision to terminate contracts was based on concerns over breaches of professional competence, independence and ethics.  One source said while nothing had been communicated about job security, staff who would ordinarily have been assigned to the auditor-general's audits this time of the year had now not been tasked with those jobs.  KPMG has lost about 10% of its clients after it was implicated in state capture last year.

  • Read this report by Ray Ndlovu in full at BL Premium (paywall access)

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