Business
IRBA to review KPMG’s turnaround strategy─── 11:07 Sat, 05 May 2018
South Africa's Independent Regulatory Board for Auditors (IRBA) has appointed a specialised team to review the turnaround strategy of KPMG’s scandal-hit South African arm.
Reuters reports the global auditor has been under close scrutiny since 2017 over work done for a company owned by the Gupta family - who have been accused of using their links to former president Jacob Zuma to influence government decisions and the awarding of tenders - and more recently for small lender VBS Mutual Bank.
The Guptas and Zuma have denied any wrongdoing.
Meanwhile, Sibanye-Stillwater is the latest company to consider a new auditor.
This follows a decision by Barclays Africa, one of KPMG's major financial customers and South Africa's second-biggest lender by market value, to join more than ten other clients, including the government and broker Sasfin, to break ties with KPMG since 2017.
Reuters
