Barclays ditches KPMG

Barclays Africa has ditched KPMG SA as its external auditor‚ citing the recent developments around the embattled auditing firm.

FILE PHOTO: The KPMG logo is seen at their offices at Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo

Barclays Africa is the first major bank to sever ties with KPMG‚ joining a growing list of other JSE-listed companies. The other companies include African Rainbow Minerals‚ AVI and Sasfin. The auditor-general‚ which oversees government audit contracts‚ also cut ties with the auditing firm.

KPMG SA was recently accused of not doing its job properly when it audited VBS Mutual Bank‚ which the Reserve Bank has placed under curatorship.

Barclays Africa said it would start a formal process to appoint a firm of auditors to replace KPMG‚ which will complete its work by the end of the month.

The banking group said the board had initially aimed to recommend the reappointment of the firm during its annual general meeting‚ set for May 15‚ but the recent developments had necessitated a change in its approach.

By: Andries Mahlangu -BusinessLIVE

Source: TMG Digital.

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