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 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.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.