File: There are calls for KPMG to face legal action over its dealings with the Guptas and its controversial findings over the SARS intelligence unit.
JOHANNESBURG - Embattled KPMG South Africa said on Friday it would co-operate with an SA Institute of Chartered Accountants&39; (Saica) inquiry headed by Advocate Dumisa Ntsebeza into the audit firm&39;s conduct.
The Ntsebeza inquiry, which began its hearings on Monday, is investigating the alleged misconduct of Saica members who worked for KPMG in relation to auditing the accounts of Linkway Trading, linked to the controversial Gupta family, and producing a contentious report on behalf of the South African Revenue Service (Sars).
The inquiry will look at work done by the audit firm for the Guptas from January 2013 to September last year.
KPMG came under heavy criticism last year for the role it played in the audit of Linkway Trading, which was allegedly used to channel taxpayers’ money to fund a lavish Gupta wedding in 2013.
The Ntsebeza inquiry, which was appointed in November, had previously expressed its frustration over what it called a lack of cooperation by KPMG in supplying key documents.
READ: SAICA starts KPMG probe
But KPMG chief executive in South Africa, Nhlamu Dlomu, said on Friday the firm was committed to cooperating fully with the inquiry.
"KPMG South Africa is determined to be open and transparent. We are committed to cooperating fully with the inquiry and know that fair process is vital for the public to have confidence in its openness and transparency," Dlomu said.
"We therefore understand the significant public interest in the matters being investigated by the independent inquiry chaired by Advocate Dumisa Ntsebeza. That is why we called for it to be established, welcome that it has started and look forward to the publication of its findings."
Dlomu said that KPMG believed that, without credible and trusted professionals in audit firms, it would not be possible for the economy to function in the way it must for society to succeed.
"Now more than ever, we need professional services firms to abide by the law, adhere to the codes of conduct of professional bodies and respect the principles of honesty, ethical behaviour, integrity and confidentiality," Dlomu said.