Sehoole new chief executive at KPMG

Audit firm KPMG South Africa yesterday announced Ignatius Sehoole as its new chief executive, to take up the role on May 1 next year.

KPMG last month said Nhlamulo Dlomu would step down and it would seek an external head to spearhead the company’s quest to repair its reputation.

Dlomu was appointed last year after KPMG suffered reputational damage over work it did for companies owned by the controversial Gupta family and for the national revenue service. It fired its previous leadership over the scandals.

Sehoole is an experienced leader in the accounting profession, having served a successful twoterm role, from 2000-2009, as executive president of the South African Institute of Chartered Accountants.

KPMG said Sehoole’s start date was being coordinated to comply with the requirements of audit independence rules.

These rules require that Sehoole take on the appointment as chief executive only after the issuance of any reports related to the current year’s audit of those companies audited by KPMG, where Sehoole has also served as a director or officer in the current financial year.

Meanwhile, Professor Wiseman Nkuhlu will continue to serve as executive chairperson in the interim and will revert to his role as nonexecutive chair on May 1.

Nkuhlu said although KPMG South Africa had changed substantially over the past year, the challenges facing both the firm and the profession had intensified.

He said the board felt it was important to appoint an external candidate to the firm with strong industry credentials.

“Ignatius will be able to build on the foundations Nhlamu established to restore trust in KPMG. He will also participate in efforts to reposition the profession with clients and the public,” Nkuhlu said. – ANA