Trending
Elections 2024
Jobs
- Senior Bookkeeper Knysna
- Auditing Manager Cape Town
- Senior Auditor Cape Town
- Accountant Johannesburg
- Senior Professional Officer Cape Town
- Accountant Knysna
- Payroll Accountant George
- Accountant Cape Town
- SAIPA Trainee Accountants Cape Town
- Finance Administrator / Accounting Assistant Stellenbosch
KPMG SA fined $100,000 for "improper professional conduct"
The charge relates to audit work ostensibly done by KPMG SA but which relied substantially on audit work done by KPMG Zimbabwe. KPMG Zimbabwe is not registered with the Public Company Accounting Oversight Board (PCAOB) and, therefore, should not have been involved in the audit of the Canadian firm.
Although KPMG SA had been informed that KPMG Zimbabwe was not registered with the PCAOB, it failed to follow up and analyse whether this would prevent KPMG Zimbabwe from playing a substantial role in the audit.
In its ruling, the SEC said an adequate analysis "performed with due professional care" would have revealed it should not have used the audit work.
On Wednesday, a spokesperson for KPMG SA said that when it identified the issue in May 2016 it reported the matter to the SEC.
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.zaRelated
