KPMG Global auditor today said that the firm would lay off up to 400 people as it closes offices in South Africa following a corruption scandal, that led to the firm losing many of its major clients.
Nhlamulo Dlomu, Chief Executive of KPMG South Africa, said in a statement, that although the decision was hard, it was necessary to put the firm on a sustainable footing while ensuring that it continues to offer its clients the best service and support.
KPMG’s scrutiny dates back to 2017 when an inquiry exposed professional flaws in work that the firm did for the national tax agency.
The auditor said it is cooperating with authorities and addressing its shortcomings.
According to KPMG, it will appoint a number of senior KPMG partners from across the international network into the board and executive positions as well as senior client service roles, as part of plans to refocus the business.
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