JOHANNESBURG - The Independent Regulatory Board for Auditors (IRBA) investigation into audit firm, KPMG, is multi-faceted and has extended into a number of lines of investigation, beyond the initial investigation into the audits of Linkway Trading (Pty) Ltd and the SARS Report, according to Bernard Agulhas, CEO of the IRBA.
"The IRBA investigation is completely independent of the Ntsebeza enquiry initiated by the South African Institute of Chartered Accountants (SAICA). At the time that SAICA indicated it would pursue an independent enquiry, the IRBA cautioned of possible confusion in the marketplace about the nature, scope and findings of two different investigations, or that the market may conflate the two. The IRBA reiterates that it has no involvement in the Ntsebeza enquiry and will continue its own investigations following its due process in accordance with the Auditing Profession Act (26 of 2005)," IRBA said in a statement.
IRBA confirmed that one of the lines of investigation is nearing completion and will be tabled at the upcoming investigating committee, while others are progressing satisfactorily.
In two matters, information which was requested from KPMG remains outstanding and the IRBA continues to engage with KPMG to obtain the information necessary to complete these investigations.
"With respect to the SARS matter, the IRBA engaged with the SARS Commissioner and most of the information has been received subsequently. The IRBA is confident that the additional information will be supplied in due course. This is consistent with the IRBA’s powers under its Act to request any information necessary to perform its investigations," the statement concluded.