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Barclays Latest Major Client To Dump Embattled KPMG

Barclays Latest Major Client To Dump Embattled KPMG”

Nedbank says it has made a decision to keep KPMG as its auditor for the current financial year.

KPMG South Africa's headquarters on Empire Road in Johannesburg will be reeling further today after Barclays Africa Group (Absa) announced that it won't be retaining services of the auditor.

Barclays Africa is the first major bank to sever ties with KPMG, joining a growing list of other JSE-listed companies that taken similar moves. He said his office had already limited KPMG's work following the Gupta-owned Linkway scandal. It has said it is cooperating with authorities and addressing its shortcomings. (KPMG) be reappointed for 2018 at its upcoming Annual General Meeting (AGM) on 15 May.

Subsequent to the release of our AGM Notice, the Board has carefully evaluated the on-going and more recent developments and decided that it is no longer able to support the reappointment of KPMG.

Makwetu said that recent media reports relating to the external audit of VBS Mutual Bank and the conduct of KPMG audit partners are some of the reasons that prompted the decision to withdraw all KPMG audit mandates with immediate effect. "Old Mutual's proposed managed separation process and timelines would be placed at significant risk if the external audit function was disrupted at this stage", Nedbank said in the statement.

Central bank spokesman Jabulani Sikhakhane did not immediately respond to a request for comment.

Banks are required to have two auditors by the South African Reserve Bank.

KPMG is also a joint auditor for Standard Bank and Nedbank, both of which considered ditching KPMG as auditor a year ago. "Any change in Nedbank Group's auditors would require Old Mutual's consent under our current relationship agreement", the statement read.



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