South Africa's Auditor-General cuts all ties with KPMG

South Africa's Auditor-General cuts all ties with KPMG

South Africa's Auditor-General cuts all ties with KPMG

The Auditor General of South Africa has terminated contracts with embattled audit firms KPMG and Nkonki with immediate effect.

"As South Africa's supreme audit institution, this country looks up to us to act and project an image of accountability, the same way we hold the entire public sector to account on how it uses taxpayers' monies, " Makwetu said.

However, "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", Makwetu said in a statement.

"One of the commitments made by KPMG was the issue of cooperating fully with investigations and that it was fully supportive of the issues around KPMG the SARS and Gupta issue we committed ourselves to work fully with advocate Ntsebeza and the Zondo commission we said we will make sure we cooperate fully", said Nkuhluone.

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The firm had revenue of $239.00 million during the quarter, compared to analysts' expectations of $217.88 million. The company has a market capitalization of $5,635.71, a price-to-earnings ratio of 150.00 and a beta of 1.11.

London PR firm Bell Pottinger collapsed previous year after revelations that it had acted for the Gupta's on a racially divisive campaign.

"The announcement by the Auditor-General has come at a time when we are taking significant steps toward building a firm that's in tune with the needs of our country", KPMG South Africa Chief Executive Officer Nhlamu Dlomu said in an emailed statement.

A spokesperson for the CIPC said that criminal complaints against the three companies were filed with South African police towards the end of past year, for contravention of the country's Companies Act. "It is very much our hope that this announcement will prove to only be a temporary break in the relationship". "We will work closely with the AG to minimise disruption".

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