18/09/2017 08:50 SAST | Updated 18/09/2017 08:51 SAST

Irba Digs Into KPMG, Sars To Hold Briefing

“Irba intends to meet with the new team at KPMG to discuss its remedial action programmes that will be regularly monitored.”

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The KPMG offices in Belfast where four partners are on "administrative leave" after an investigation was launched by HM Revenue and Customs officers.

The Independent Regulatory Board for Auditors (Irba) says it will continue with its own independent investigation into KPMG to bring the matter to conclusion.

However, the organisation said it could not at this point give an indication of how long the investigation would take nor what the complete list of allegations would cover.

In a statement, the Irba said it was, however, committed to "performing a robust investigation in as short a time as reasonably possible to deliver on its mandate to serve the public interest".

This ahead of the SA Revenue Service (Sars) holding a special media briefing at 10am on Monday where KPMG's report on the so-called "rogue unit" is said to be discussed.

"It is critical for the reputation of the profession and the stability of our capital markets that the Irba continues to work with audit firms to strengthen independence, professional scepticism and compliance to standards," the Irba said.

"The Irba intends to meet with the new team at KPMG to discuss their remedial action programmes which will be regularly monitored by the Irba."

On Friday last week, KPMG withdrew the results of its investigation into the Sars unit and announced the resignation of eight senior executives, including its CEO, Trevor Hoole

While the firm's internal investigation did not find evidence of illegal activity, it said it should have ceased work for the Gupta family earlier and said the family's companies were often "misleading" and "misrepresenting" facts.

The Companies and Intellectual Properties Commission (CIPC) is also investigating the matter, while several private firms are looking into their relationship with KPMG.

The Economic Freedom Fighters (EFF) also weighed in, saying it was writing to various institutions to have KPMG partners removed as chartered accountants.

"KPMG, as auditors, has been at the centre [of] aiding the Gupta family and their associate companies in their syndicate to loot state resources for private enrichment, and made millions if not billions in the process," the party said in a statement.

"The EFF has written to the SA Institute of Charted Accountants and the Irba to report the following KPMG partners to be removed as chartered accountants."

It then listed four partners at the firm, including Hoole.