CAPE TOWN — KPMG, whose reputation in South Africa is almost terminally tarnished following its controversial "rogue unit" report that shored up Zuptoid SARS capture and its silent audit complicity with Gupta-family companies, is being probed in the UK. This follows a 2018 quality report by the UK's Financial Reporting Council, FRC, that around 50% of audits done by KPMG were below standard, in particular its work for the now defunct construction company Carillion. Carillion went belly-up after several profit warnings, write downs and losses. In South Africa, KPMG raised no red flags over the VBS bank heist, nor did it sound any warnings during its decade-long audit of Gupta-family companies. KPMG's SA CEO, Trevor Hoole, COO, Steven Louw, Chairperson Ahmed Jagger and five senior executives resigned after the 'rogue SARS unit' report was thoroughly discredited. The latest probe is part of the UK's overhaul of audit firm regulation and oversight, KPMG's highly suspect recent track record believed to be indicative of slack standards industry-wide. – Chris Bateman

UK watchdog to review conduct, governance at KPMG audit unit