Inquiry into KPMG’s Gupta work postponed
AN inquiry into KPMG South Africa and the work it did for the Gupta family has been postponed until further notice.
The hearings of the South African Institute of Chartered Accountants (Saica) were due to begin yesterday.
The so-called Ntsebeza Inquiry‚ led by Advocate Dumisa Ntsebeza‚ will probe the work KPMG South Africa did for the Gupta family and its role in the South African Revenue Service report on the “rogue unit”.
The Gupta family has been central to allegations of state capture.
KPMG South Africa’s work for the Gupta family led to the departure of nine senior executives.
MMMG Attorneys‚ secretariat to the inquiry‚ said on Saturday that the inquiry was still reviewing the evidence presented.
It said there had been numerous requests for extensions.
“The panel exercised its prerogative to allow these extensions as they were deemed both necessary and feasible.
“In addition‚ the advent of the festive period also necessitated further delays due to the unavailability of both the panellists and those making submissions‚ due to respective predetermined schedules.”
The inquiry will probe the work Saica members did at KPMG SA that might have contravened Saica’s code of conduct.
The panel found there was a “general lack of understanding” during the submission phase of the difference between the Ntsebeza Inquiry and an investigation by the Independent Regulatory Board for Auditors (Irba).
Irba as an industry regulator is investigating the conduct of KPMG SA and if implicated auditors should be deregistered.
Saica set up its inquiry to determine if implicated personnel are Saica members and should be disciplined under Saica’s code of conduct.
“The panel’s sole focus is presently on current and former employees of KPMG who are members of Saica and have been adversely implicated in the relevant period‚” MMMG Attorneys said.
The Ntsebeza Inquiry is responsible for the investigation.
Its report will form the basis on which Saica may decide to discipline implicated members.