JOHANNESBURG – KPMG says it should’ve cut ties with the controversial Gupta family before 2016.
The company’s CEO in South Africa, Trevor Hoole says mistakes have been made and painful lessons learnt.
He says the firm was too slow to recognise the wider public interest, amid the current socio-political environment in South Africa.
"KPMG should have resigned earlier than March 2016 and should have stopped working for the Gupta companies sooner than we did. In my judgement, we were too slow to recognise the wider public interest related to these matters, given the existing socio-political environment in South Africa," Hoole said in a statement.
Hoole said KPMG needs to improve its procedures for accepting clients but, has no knowledge of alleged tax evasion or money laundering.
The global audit firm has dismissed two senior employees and suspended the lead audit engagement partner, pending a review of its work for the Gupta family.