KPMG

An internal probe found that mistakes in two high-profile engagements did not run throughout its business.

South Africa’s auditing regulator said KPMG LLP’s local unit hasn’t fully cooperated with the body’s investigations into work done for the Gupta family, who are alleged to have used political connections to win state contracts.

KPMG International has chosen Bill Thomas as chairman of the global network for a four-year term, succeeding John Veihmeyer, who is retiring after completing his term.

The Big Four network will examine its local member's work in certain engagements, as well as its entire client roster.

The Big Four firm's involvement with a wealthy family is putting it under pressure.

The Big Four firm has agreed to an inquiry by the South African Institute of Chartered Accountants.

As global companies implicated in a graft scandal in South Africa scramble to contain the damage to their reputations, politicians and law enforcement agencies are prevaricating and stalling official investigations.

The South African Revenue Service is considering instituting legal proceedings against KPMG LLP’s local unit for reputational damage after the auditing firm withdrew the conclusions of a report that was used in a police probe against former Finance Minister Pravin Gordhan and led to the removal of senior staff at the agency.

KPMG LLP said the head of its South African office and seven other senior executives quit after an internal investigation found that work done for the politically connected Gupta family fell “considerably short” of the auditing firm’s standards.

The Big Four accounting firms are moving more into the legal services market, competing with law firms on their traditional turf, according to a new report.