JOHANNESBURG - The Independent Regulatory Board for Auditors (IRBA) has lashed out at the South African Institute of Chartered Accountants (Saica).

The audit watchdog says as a member body, Saica, doesn't have the legal mandate to lead independent inquiries into the conduct of audit firms.

This comes after Saica announced it would launch an independent probe into KPMG's conduct.

The audit company admitted work done for Gupta-linked Company Linkway Trading and its controversial Sars rogue unit report, fell short of its professional standards.

The audit sector regulator says it's currently conducting an investigation in terms of the Auditing Profession Act.

It says it will reveal the findings to Parliament in due course.

READ: KPMG explanation of Gupta wedding audit 'unconvincing and inadequate': Corruption Watch

On Friday KPMG released a statement outlining actions taken in response to the fallout from the company's work on behalf of the Gupta family.

Whilst KPMG International states that its "investigation did not identify any evidence of illegal behaviour or corruption by KPMG partners or staff, this investigation did find work that fell considerably short of KPMG’s standards."

The fallout from this report is considerable, as noted in the list of resignations noted in the document.

The auditing firm says they are taking disciplinary action seeking dismissal in relation to Jacques Wessels, the Lead Partner on the audits of the non-listed Gupta entities.

KPMG SA CEO Trevor Poole is being replaced by Nhlamu Dlomu previously KPMG South Africa’s Head for People and Change.

On Thursday Judge Hans-Joachim Fabricius dismissed with costs the case brought by 20 Gupta-owned companies against the Bank of Baroda in the North Gauteng High Court in Pretoria.

READ: Guptas lose court bid to save banking facilities

The companies had sought an urgent interdict two weeks ago to prevent the Indian-based bank from closing their bank accounts.

The court application was a last-ditch attempt by the companies to stay in business, after four of South Africa's biggest banks - Absa, Nedbank, Standard Bank and First National Bank - closed their Gupta-related accounts amid allegations of state capture.

The bank can now proceed with closing all Gupta company accounts by the end of September.