Telkom suspends new business with KPMG South Africa

Image used for representational purpose

Standard Bank Group Ltd., Africa's largest lender, said on Friday it would terminate KPMG's services if the auditor didn't provide "satisfactory explanations" and make clear that action had been taken to avoid repeat offences.

KPMG's new CEO Nhlamu Dlomu has announced a new executive team to lead the embattled auditing company.

Gary Pickering will lead KPMG's audit practice.

"Since the chairperson of KPMG International has announced that the company will be launching its own independent investigation into the work conducted by KPMG SA, Telkom took note of the intent of the investigation to address the allegations, enhance business transparency and rebuild trust with South Africa".

Clothing retailer The Foschini Group became the latest South African firm to replace KPMG as auditors on Monday, while landline provider Telkom said it won't offer the firm new business until the outcome of an independent inquiry. Pickering has been the lead or engagement partner of several of KPMG's major clients in the financial services sector.

The IRBA started its investigation after KPMG released the findings of an internal report into work done for the Guptas, who are friends with President Jacob Zuma and have been accused of wielding undue influence over state contracts and cabinet appointments.

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However, Metro Bank unilaterally de-operationalised the accounts on June 7 this year (a year after it was opened), he admitted. The CBI responded by saying, " we have things to show- the jugglery of accounts and properties overseas .

KPMG was the auditor for Gupta-linked companies Oakbay Resources and Energy and Linkway Trading. Zuma and the Guptas deny any wrongdoing.

Eight senior executives quit in the wake of the findings even though KPMG didn't find evidence of illegal behavior or corruption.

We requested the investigation following a determination that the forensic audit into the SARS "Rogue Unit", conducted by KPMG South Africa, and which was finalised on 04 December 2015, was signed off by a registered auditor, and could therefore be investigated by IRBA. AVI, Munich Re of Africa, Sasfin Holdings, Sygnia Asset Management and Hulisani have previously stopped using the accountancy firm's services.

Granville Smith will lead KPMG's advisory practice and Joubert Botha, now the COO for tax, will serve as interim leader for that part of the business.

Modise Maseng will lead the firm's public sector work, while Makgotso Letsitsi will lead KPMG People.

All three functions of the business, audit, tax, and advisory, will be supported by the markets team, which will be led by Nosisa Fubu.

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