KPMG probe could take up to to three years

The Independent Regulatory Board for Auditors (IRBA) says that it will broaden its investigation into the conduct of KPMG, to possibly include the auditing firm's investigation of the South African Revenue Services (Sars) Rogue Unit.

On Tuesday, the IRBA briefed Parliament's Standing Committee on Finance on progress of its investigation into KPMG.

READ: KPMG must die, says Dr Iraj Abedian (after Munich Re dumps it)

IRBA CEO Bernard Agulhas said there were issues with KPMG fully cooperating with the regulatory board in this investigation.

He spoke to Stephen Grootes.

The process of the IRBA started as far back as June this year, we requested as with our investigation process, their audit files. We expect them to react quickly so we can complete the investigation at our earliest convenience.

Bernard Agulhas, IRBA CEO

Initially we did have a few issues in obtaining sufficient information and we called a meeting with the new leadership locally but also the global leadership. After our meetings they did agree to look intro the matter and cooperate a little bit better which they have been doing.

Bernard Agulhas, IRBA CEO

ALSO READ: KPMG bosses in denial about damage caused to credibility and trust - economist

He insists it is KPMG's best interest to cooperate.

If they delay the process I think it just makes it worse for the organisation.

Bernard Agulhas, IRBA CEO

The probe could take up to 36 months.

When it comes to public interest the benchmark that I can share with you is the one that they use internationally which could take up to 36 months, but our average is around 18 months.

Bernard Agulhas, IRBA CEO

Click on the link below to listen to the full audio....

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