KPMG Consulting to Sell South African Practice

In preparation for the initial public offering next month of KPMG's consultancy business, the firm has announced plans to sell its South African consulting practice for a yet to be disclosed price.

The move is seen as one piece in the entire process of breaking the consultancy practice away from the international firm's auditing services so as to be in compliance with expected SEC rulings [1] on auditor independence.

The first wave of the IPO is set for September, and a second wave will follow in January, listing European, Middle Eastern, and African consultancies.