Telkom suspends new business with KPMG South Africa

Embed Video Popup VideoInstagram Download Buy

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.

Traders Buy Shares of Financial Select Sector SPDR Fund (XLF) on Weakness
Traders often add the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) to identify the direction of a trend. Monitoring the numbers for S&P 500 Value ETF SPDR (SPYV), we are noting that the KAMA is trending up over the last five days.

Leviathan Prestige Raid postponed until 10AM Pacific 10/18 > Destiny 2 | Forums
Iron Banner is poised to run from October 10-17, thus expect to see the new map in the general multiplayer playlists on the 17. The Prestige mode for the Leviathan raid will be launching October 18th and 300 light level is recommended to clear it.

Kodak Black Indicted on First Degree Criminal Sexual Conduct Charges
Kodak Black is facing 30 years in prison following his indictment on Monday for first degree criminal sexual conduct. According to reports, a trial date has not been set but Black's 2016 incident could land him behind bars for years.

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.

Related News:

  • Technicals in The Spotlight For Direxion Junior Gold Mine Bear 3X (JDST)

    Traders often add the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) to identify the direction of a trend. The RSI, or Relative Strength Index, is a widely used technical momentum indicator that compares price movement over time.
    Smriti Irani reaches Gandhis' bastion of Amethi-Rae Bareli

    Smriti Irani reaches Gandhis' bastion of Amethi-Rae Bareli

    Tuesday's rally by the BJP leadership is being held on the land adjacent to where the Samrat cycle factory briefly operated. The visit of the BJP heavyweights is aimed at announcing various schemes and projects.

    Kimco Realty Corporation (KIM) Shares Sold by Clinton Group Inc

    The insider RUSNANO sold 92,900 shares worth $845,260. (NYSE:GTY) or 27,057 shares. (NYSE:GTY) or 28,157 shares. Founders Capital Management raised its position in Realty Income Corporation by 34.9% during the second quarter.
  • Kanu Took Advantage Of My Husband's Absence- Aisha Buhari

    Kanu Took Advantage Of My Husband's Absence- Aisha Buhari

    Kanu's family had, it would be recalled, on Sunday, raised the alarm that soldiers carried out a fresh invasion of their compound.

    Sylvester Stallone says he's directing Creed 2

    Besides, it's not like Coogler hasn't moved on to greener pastures, and you can see him work wonders in Black Panther next year. Sly, at last, chose to step in and made an official announcement of his decision to produce and direct the film.

    Cognizant Tech Solutions Class A (NASDAQ:CTSH) Stock Is Shorted Less

    The stock of Cognizant Technology Solutions Corp (NASDAQ: CTSH ) has "Neutral" rating given on Friday, September 30 by Citigroup. This is calculated by taking weekly log normal returns and standard deviation of the share price over one year annualized.
  • NetScout Systems, Inc. (NASDAQ:NTCT) Analyst Recommendation

    Brandywine Global Investment Limited Liability Company has invested 0% in NetScout Systems, Inc. (NASDAQ:NTCT) for 10,251 shares. Riley reissued a "buy" rating and issued a $44.00 target price on shares of NetScout Systems in a report on Friday, July 28th.
    Four dead, eight injured in SH1 crash

    Four dead, eight injured in SH1 crash

    The crash occurred on a stretch of road between two bushy areas. "Drive to the weather conditions, reduce your speed". There will be significant delays, police said, so motorists are asked to postpone travel if possible.

    ETFS Commodity Securities Limited (ALUM.L) Moves Above Ichimoku Cloud

    Moving averages can be used to help smooth information in order to provide a clearer picture of what is going on with the stock. Once you've confirmed the trend by recognizing price as being below or above the cloud, you can move to the moving averages.
  • Share Performance Update on Bok Financial Corporation (BOKFL)

    Finally, Royce & Associates LP raised its position in shares of BOK Financial Corporation by 12.3% during the 2nd quarter. The business had revenue of $387.46 million during the quarter, compared to the consensus estimate of $384.52 million.
    The Dodgers Sweep The Diamondbacks And Are Headed To The NLCS

    The Dodgers Sweep The Diamondbacks And Are Headed To The NLCS

    Game 3 was a low scoring affair because of the efforts of Yu Darvish and the other Dodgers hitters, though. Los Angeles turned an early 2-0 deficit in Game 2 into a 7-2 advantage with a four-run rally in the fifth.
    Javier Baez sparks Chicago Cubs to Game 1 win vs

    Javier Baez sparks Chicago Cubs to Game 1 win vs

    The 33-year-old was pitching well before his injury , going 2-0 with a 1.65 ERA in his last three regular-season starts . True, if he spends the next five years doing what he's done these past five years, he could be headed for Cooperstown.

Most liked

Las Vegas shooting suspect booked hotel overlooking Chicago's Lollapalooza festival, reports say
I couldn't see anything definitively at that point. "How do I know?" Paddock had an arsenal of 23 weapons in his hotel room. A SEX worker has told how Las Vegas gunman Stephen Paddock acted out violent rape fantasies and bragged: "I was born bad".

Pakistan has offered United States joint operation against Haqqanis: Foreign Minister
If pressured, friendly countries, like China, Russia, Iran and Tureky will stand by Pakistan, the minister said. Secretary of State Rex Tillerson would be visiting Pakistan later this month.

Lowe's Companies, Inc. (LOW) Shares Bought by KBC Group NV
Out of 26 Wall Street analysts rating Lowe's Companies Inc., 13 give it "Buy", 1 "Sell" rating, while 12 recommend "Hold". M&R Capital Management Inc increased Lowes Cos Inc Com (LOW) stake by 69.05% reported in 2017Q2 SEC filing.

Trump declines to explain 'calm before the storm'
"We ask, 'Would you like to talk?' We have lines of communications to Pyongyang - we're not in a dark situation, a blackout". White House officials were no more helpful, insisting only that "all options are on the table".

Stephane Henchoz: 'Liverpool have no chance of winning title'
Can's future has been the subject of much debate as of late, as he has less than a year to run on his contract at Anfield. Bookmakers are convinced that the race for the English Premier League top 4 will be between just the top six this season.

Yuriko Koike vs Shinzo Abe: Japan election campaign starts
Last week, Koike presented her party's economic programme as an alternative to Abe's economic policies known as Abenomics. Topics like reviving the economy and North Korea are set to dominate the October 22 vote. "We must not lose", he said.

Today's Brokerage Rating: Repros Therapeutics Inc. (RPRX), Xilinx, Inc. (XLNX)
According to their observations and findings, the stock could provide a high EPS of $-0.28/share and a low EPS of $-0.28/share. The Repros Therapeutics Inc . has Relative Strength Index (RSI 14) of 82.00 along with Average True Range (ATR 14) of 0.05.

'No evidence' of second shooter in Las Vegas massacre, police say
The new revelation raises questions about why police could not locate Paddock sooner - and indeed why he ended his attack. When gunfire rang out, Mr Beaton covered his wife's body with his own, told her he loved her and then went limp.

Have just one foreign bank account, Karti Chidambaram tells SC
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 .

ABS Release Same-Sex Marriage Vote Count Update
If you've lost your survey form, you can apply for a replacement up until Friday, October 20. The results will be announced on November 15.

Ghana beat Colombia in first match
Ghana continued their offensive in the second half but soon started showing nerves as the Americans started to put pressure back. Ghana had to finish the game with 10 men after defender Abdul Yusif picked up a head injury failing to continue the game.

Max Scherzer confident heading into Game 3
He was only 4 for 25 overall in the regular season and playoffs after coming back until that key, possibly series-altering at-bat. Rendon had seven errors during the season, fielding.979. "Yeah, that's the mentality I take always with the base open", he said.

Brittany Aldean Shares Her Harrowing Account of the Las Vegas Shooting
I am so sorry for the hurt and pain everyone is feeling right now and there are no words I can say to take that pain away. The mass murder is the deadliest shooting in modern USA history, with 58 confirmed dead and around 500 injured.

Berry Global Group, Inc. (BERY) Hits New 52-Week High
Narrowing in a bit closer, the 5 month price index is 1.06756, the 3 month is 1.02918, and the 1 month is now 1.04978. The Value Composite One (VC1) is a method that investors use to determine a company's value. (NYSE:BERY) is 0.720612.

Vegas killer described his gambling, unusual habits in 2013 lawsuit
The 64-year-old was such a high roller that he claims numerous hotel rooms he stayed in were "comped [complimentary]". In addition to the 58 people killed, the gunman injured at least 489 others before he killed himself.