“We failed by our own standards and we let the country down,” says KPMG SA’s chairman Wiseman Nkuhlu, in an open letter to South Africa, published in the Sunday Times.
The auditing firm lost 1,000 staff members and 15 audit partners and several high-profile clients, including Gold Fields, Sasfin, Sygnia and Absa, after its reputation was gutted by the scandals in 2017.
“As the year draws to a close, I wanted to share some reflections on what has been a very difficult period for KPMG,” wrote Nkuhlu.
“What happened at VBS was shameful, not least for the considerable distress caused to customers of the bank. And soon we will hear the report of Advocate Ntsebenza, who led SAICA’s independent inquiry into the work performed by KPMG in connection with the Gupta family and the work done on the SARS report. His judgement will surely be unsparing.”
So, Nkuhlu wrote: “It is appropriate to repeat to fellow South Africans our apology for work that caused real hurt and damage to South African institutions and our fellow South Africans.”
Read the Open Letter Below: