Global accountancy firm KPMG must be given space to “come clean” via an independent investigative process after being implicated in a scandal involving business friends of President Jacob Zuma, a central bank deputy governor said on Tuesday.

Addressing a monetary policy forum public meeting in Cape Town, deputy governor Kuben Naidoo said the troubles at KPMG, which audits several South African banks and lost a number of local clients recently, will not pose a financial stability risk to the banking sector.