'Auditors are watchdogs, not bloodhounds'

KPMG SA logo. Picture: Facebook.

Auditing firm KPMG is under fire for the role it played in auditing a Gupta-owned company that was allegedly used to channel taxpayers' money to fund a wedding at Sun City in 2013.

As a result, the Board of the Institute of Directors in Southern Africa decided to suspend all co-branded activities with KPMG.

The Money Show’s Bruce Whitfield interviewed Independent Regulatory Board For Auditors CEO Bernard Agulhas.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

We immediately started our investigation when the news broke.

Bernard Agulhas, Independent Regulatory Board For Auditors

We expect an increase in scepticism by auditors… Auditors need to be more sceptical… only then can they be sufficiently independent…

Bernard Agulhas, Independent Regulatory Board For Auditors

Audit committees must be equally sceptical.

Bernard Agulhas, Independent Regulatory Board For Auditors

Auditors must please shareholders, not management.

Bernard Agulhas, Independent Regulatory Board For Auditors

Auditors must not only look at what’s presented to them, but also to what is not presented to them.

Bernard Agulhas, Independent Regulatory Board For Auditors

Auditors are watchdogs, not bloodhounds.

Bernard Agulhas, Independent Regulatory Board For Auditors

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This article first appeared on 702 : 'Auditors are watchdogs, not bloodhounds'


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