KPMG's trouble in South Africa have gotten worse if you can believe that. They are losing more clients and incurring more investigations.
First the independent regulatory board for auditors has started an investigation into KPMG.
The audit by the IRBA in south Africa isn’t he only investigation she is dealing. She also has to deal with an investigation by KPMG international and an investigation from the south African institute of charted accountants.
In addition to multiple investigations KPMG South Africa’s new CEO will also have to deal with the loss of more clients. KPMG has lost additional clients in south Africa over the past week.
Munich Re dropped KPMG in Africa as their auditor. This was just announced on October 2, 2017. Munich RE is one of the largest reinsurance companies in the world. This comes after many other firms in south Africa have already fired KPMG as their auditors. The reserve bank in Africa has cautioned companies from firing KPMG as they are one of only 4 large audit firms remaining in the world.
Additionally, the south African parliament said that they are cutting ties with KPMG as well. KPMG audited the governments medical plans. This isn’t the only thing they might lose from the parliament. Parliament said they are reviewing other work performed by KPMG as well.
Listen to our past podcast about KPMG South Africa's troubles.
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