Wits University drops KPMG as auditor

Wits University drops KPMG as auditor”

KMPG sacked a number of South African executives last month after it found work undertaken for companies owned by the Gupta family - a trio of Indian-born businessmen with close ties to Zuma - "fell considerably short" of its standards.

Wits said in a statement on Wednesday the university council had decided on Friday not to renew its contract with KPMG for internal auditing and financial risk management services at the end of the current financial year. "KPMG is complying with all of IRBA's requests for documents", Sibiya said.

Agulhas said the regulator met KPMG global chairperson-elect Bill Thomas and KPMG South Africa new chief executive Nhlamu Dlomu last month to discuss the investigation.

"We will fast-track the investigation, but we have to respect the prescribed process of the auditing profession act and disciplinary rules", Independent Regulatory Board of Auditors CEO Bernard Agulhas told Parliament's finance committee.

"On the same day, we also had a special board meeting so the board could instruct the secretariat on the process forward...after the board meeting, we issued another letter to the chief executive of the local unit of KPMG to remind them of the importance of submitting required information timeously and a list of documents we still required", Agulhas said.

KPMG will give details of another inquiry, this one initiated by KPMG International, on October 12, it said.

On Tuesday the IRBA told Scopa that it was "likely" to investigate the conduct of the individual auditor who signed off on the forensic investigation into the 'rogue unit.

"Members of the Council Audit and Council Risk committees deliberated long and hard on the presentations made by KPMG".

Wits joins the parliament‚ the Parmed board‚ the African branch of the Germany's Munich Re‚ Sygnia Asset Management‚ Sasfin and Hulisani as some of the companies that have dropped KPMG South Africa as other clients re-evaluate their relationship and pressure mounts on KPMG.

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