KPMG accountants could face criminal charges for Gupta work
An independent inquiry into the conduct of accountants belonging to the Institute for Chartered Accounts, employed at KPMG has commenced.
Accountants belonging to the South Africa Institute for Chartered Accountants (SAICA) could face disciplinary action, and at worse, criminal charges if they are found guilty of wrongdoing.
It relates to KPMG's admission to serious shortcomings in its work for Gupta linked companies.
"The Independent Inquiry has been convened by [SAICA] after receipt of allegations that some of its members employed by KPMG have allegedly engaged in conduct which is in contravention of the SAICA Code of Professional Conduct," law firm MMMG Attorneys said in a statement.
The inquiry will only be focused on SAICA members, as the Independent Regulatory Board for Auditors is also conducting its own investigation.
Advocate Dumisa Ntsebeza will be chairing the inquiry.
"A you can take disciplinary measures against this members on the basis of your code of ethical conduct," explains Ntsebeza, "we also believe that you can start a process that could lead to criminal prosecution."
Ntsebeza explains accountants should always be aware of the "ethical rules which govern the accountancy profession".
KPMG international conducted its own investigation into the work its South African offices did for the Guptas as well as the firm's forensic report into a so-called rogue unit at SARS.
This resulted in the removal of a number of senior officials at KPMG with a number of clients also cutting ties with the firm.
The independent inquiry will run in four phases with testimonies only set to be heard from late January.