The SA Revenue Service is pushing to have the firm blacklisted from all government business. KPMG also faces being called to account in parliament after it sensationally disavowed the “rogue unit” report it authored for the tax authority.
It is likely that all state entities will review their contracts with the firm.
Corporate heavyweights Investec, Standard Bank, Old Mutual, Growthpoint Properties, Sibanye Stillwater and Absa are all considering ending their relationship with KPMG.
Parliament’s standing committee on public accounts (Scopa) has summonsed KPMG representatives to appear before it.
The standing committee on finance announced that it had asked the Independent Regulatory Board for Auditors to update it on the board’s investigation of KPMG’s audit of the Guptas’ Linkway Trading.
Linkway Trading was allegedly used to funnel R30-million of taxpayers’ money, ostensibly intended for poor Free State farmers, into paying for a Gupta family wedding at Sun City.
Everatt said it would be difficult for KPMG to bounce back because everything it had done for the government was now being questioned.