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KPMG South Africa Sunday unveiled a four-point plan aimed at restoring trust in the beleaguered audit firm which has in the recent past been hit by scandals involving the quality of its work.
Chairperson Wiseman Nkuhlu said the results of the plan would help improve quality and risk management to the firm's client portfolio.
The plans will focus on restoring the following:
- Integrity. The process would enforce integrity and background checks of all partners and their spouses.
The process to be co-ordinated by KPMG International will enlist the expertise of an external firm. Findings will be reported directly to the Board Quality and Risk committee.
- Quality. A program of extensive quality file reviews has commenced and will run over the next several weeks. The reviews will cover all audit partners. It will be in addition to other internal and external reviews that have been carried out to date.
- The purpose of this new program is to assess the commitment to quality and professionalism of KPGM engagement teams. The process will be conducted by experienced partners from within the company and overseen by a board committee of mainly independent non-executive directors.
- Governance. KPMG will appoint additional non-executives on the board to ensure that independent scrutiny is enforced at the highest level.
- Speak Up. A whistle-blowing platform to encourage employees over the next 30 days to speak up if they believe they have any information of relevance to the quality and integrity of the firm’s work.
