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Another allegation is based on the firm's involvement in the Gupta's interest in acquiring the Optimum Coal Mine (OCM) from Glencore. KPMG claims that it provided "limited transaction support services" but admits that "during the course of the engagement KPMG South Africa became aware of information which called into question the integrity of the Guptas" which was "not adequately dealt with by a number of senior leaders in the firm and was not taken into account when assessing whether to continue to perform work for the Gupta group. Another charge levelled against KPMG relates to a problematic report produced by the firm for South African Revenue Service (SARS). The report claimed that a rogue spy unit was operating within SARS, which led to the removal of finance minister Pravin Gordhan, on the grounds that he should have known about (or was involved with) the rogue unit. Since the findings were deemed incorrect, SARS is pushing for KPMG to be blacklisted from all government business. KPMG responded: "We recognise and regret the impact [the SARS report] has had. KPMG South Africa had no political motivation or intent to mislead." Nhlamu Dlomu, the new CEO of KPMG South Africa, commented: "This has been a painful period and the firm has fallen short of the standards we set for ourselves, and that the public rightly expects from us. I want to apologise to the public, our people and clients for the failings that have been identified by the investigation." "It is important to emphasise that these events do not represent KPMG, our people or the values we have adhered to over decades of committed client service. My pledge and promise to the country is that we can and will regain the public's confidence."
Outline and explain the dilemma KPMG was faced with before parting ways with the Guptas?
Determine the annual financing cost of forgoing the cash discount
Describe why is debt a comparatively cheaper form of finance than equity and if debt is cheaper than equity, why do companies approach the equity markets?
What are the objectives of a firm seeking to merge with another firm? Please post 200 - 300 word minimum response.
The concept of accounting quality has several dimensions, but two characteristics often dominate: the accounting information should be a fair representation of performance for the reporting period
Which of the following circumstances might indicate that management is manipulating the allowance for doubtful accounts?
Double Vision Optical Company has had a lot of complaints from customers of late and its stock price is now only $2 per share.
Capital Budgeting Company Assignment Look up the capital expenditures for your assigned company over the last 2 years and answer the following questions. Note that information about capital expenditures can be found in your company's 10K report
counterparty a is an american company with manufacturing operations in indonesia and its main customers in the united
What would interest rate parity suggest about the forward rate of the Russian ruble? Explain the Interest rate parity implications for Russia.
You have a $66,743 portfolio that consists of $15,493 invested in Stock A, $18,959 invested in Stock B, $5,384 invested in Stock C, and the remainder in Stock D. The portfolio has a return of 21 percent. The return for Stock A is 14.1 percent, for..
The distributions of scores was approximately bell-shaped. Compute the z score for an ACT test score of 15.
Fowler Credit Bank is offering 7.5 percent compounded daily on its savings accounts. You deposit $5,900 today.
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