KPMG is a damaged brand: Economist

Economist and CEO of the Pan-African Investment and Research Services Iraj Abedian says auditing firm KPMG is a damaged brand. 

"KPMG cannot function as an audit firm with any credibility," he says. 

The firm's CEO, Trevor Hoole and several other senior executives have resigned.

This amid the fallout over the firms work with the Gupta family, as well as the South African Revenue Services (Sars).

An investigation by KPMG International has found no evidence of illegal behaviour or corruption by KPMG partners or staff, relating to work the company did for the Gupta family. 

However, KPMG says the investigation did find work that fell short of the company's standards.

Abedian says action taken by KPMG is not enough. 

"Those partners and auditors who have been involved in unethical conduct should be struck of the roll by the Independent regulatory board of auditors and lose their certificate's as auditors. Business South Africa needs to disassociate themselves from KPMG." 

He says civil society should lodge a complaint against the firm for its rogue Sars report. 

"South Africa should find a mechanism to lodge a complaint against KPMG International for its corrupt activities especially for the Sars report, which is a fake report that they have withdrawn. That report has caused damage to the economy and the credibility of the economy's credit rating and there should be compensation," Abedian says. 

He says it will take a long time for the firm to repair the damage done.