Today's Labour News

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KPMGBloomberg reports that KPMG in SA is continuing to lose staff and clients more than a year after issuing a public apology for some of the work it did in the country, according to sources familiar with the matter.  

A team responsible for US cross-border transactions in Africa apparently quit because of limited workflow.  In addition, Dimension Data Holdings became the latest firm to desert KPMG, passing an R80 million auditing contract to rival Ernst & Young.  The latest revelations show KPMG is struggling to restore trust since being criticised last year over work done for the Gupta family, who are accused of using political connections including former president Jacob Zuma to siphon off state funds.   In June, KPMG’s SA unit said headcount slumped to 2,200 from 3,400 a year earlier, with consultations for further reductions under way.  It has lost clients this year including Barclays Africa Group SA’s Auditor-General.  Not all customers have left the firm.  Old Mutual is waiting for the auditor to report back on an internal review before making a decision.  The firm has introduced a number of safeguards and is encouraged by the number of clients that continued to retain its services, a KPMG spokesman indicated.

  • Read this report by Loni Prinsloo & John Bowker in full at Moneyweb

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