Bloomberg reports South Africa’s central bank expressed concern at the quality of internal controls at KPMG LLP after the global auditing firm admitted that work for the politically-connected Gupta family was below the required standard. Eight senior KPMG executives quit following the internal investigation. The firm promises to donate the equivalent of $3 million to education and anti-corruption charges.
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Compliance Trends
KPMG and ACCA completed a study on corporate governance requirements in 2017 ranking Ghana 12 out of 15 markets. The report indicated that Ghana’s governance structures were not robust enough.
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The National Disaster Management Organization (NADMO), has described the 2017 Atomic Junction gas explosion which claimed 7 lives and 132 injured in Accra, Ghana as a “man-made disaster”. The organization claims, the disaster occurred due to the ill safety measures put in place by the owner at the gas filling station.