It is my pleasure to present to you the first full Integrated Report of KPMG South Africa. This report builds upon the foundation laid by our Baseline Report, published in July 2018. The purpose of this report is to provide an account of the changes we have made so far and a review of our performance towards achieving our goals. It is also a reflection of our continuing commitment to transparency and accountability. We recognise that rebuilding KPMG South Africa will take time and that our community of stakeholders needs to be kept abreast of our progress regularly in order to remain confident that we are on course and holding ourselves accountable.
2018 was a very challenging year for KPMG as we continued to manage the consequences of legacy engagements that caused harm to the firm. It was a period of deep reflection as we undertook further reviews to understand issues facing the firm, co-operated fully with the various independent inquiries and held difficult, open discussions with our broad community of stakeholders.
Yet it was also a period of considerable activity as all of these experiences informed the far-reaching changes to the firm. KPMG South Africa today is a very different business compared to what it was eighteen months ago.
At the heart of what we did was an unflinching analysis of our work habits and culture to better understand the root causes of our shortcomings. This in-depth process has been intensive and ongoing. It has provided us with a more complete and holistic understanding of how best to redesign the policies, procedures and practices of the firm. A comprehensive overview of the actions taken to address identified issues and set our future direction has been set out in the report.
Professor Wiseman Nkuhlu
KPMG South Africa