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Vol 58 No 21

Published 20th October 2017

South Africa

Balancing the good cop with the bad

The Reserve Bank is easing the pressure on KPMG. It worries about scaring investors while it tries to make companies more accountable

The government is in disarray over how to handle the deepening crisis unleashed by the auditing firm KPMG’s involvement in the affairs of the Guptas and the 'state capture' phenomenon, in which so many global companies have become complicit. Finance Minister Malusi Gigaba has told all government departments to review their contracts with KPMG, arguing that auditing work in the country should not be dominated by the four big international firms. Yet when Nhlamu Dlomu, the new Chief Executive of KPMG South Africa, addressed an extraordinary meeting of the Standing Committee on Public Accounts in parliament on 5 October, no senior African National Congress representative was present. On the KPMG scandal, as in so much else, the governing ANC looks badly divided.

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