World Media

KPMG admits partners took undisclosed loans from VBS

KPMG admits partners took undisclosed loans from VBS

Nedbank CE, Mike Brown confirmed that one of the executives who resigned was KPMG's lead engagement partner on the bank's audit.

Investec and Standard Bank said that Malaba and Tshuma were not on the banks' audits.

On Friday‚ the South African Reserve Bank announced it had commissioned a forensic probe into VBS‚ after placing the bank under curatorship in March when it emerged the bank was facing a severe liquidity crisis and could not repay deposits.

KPMG said when VBS went into curatorship, information arose in relation to the partners that prompted the firm to launch an independent investigation.

Both men resigned with immediate effect on Friday when presented with the disciplinary charges.

"This has been a very disappointing episode for KPMG. There can be no tolerance, however, of any conduct that compromises our reputation and we have moved decisively to deal with the situation", KPMG South Africa chief executive Nhlamulo Dlomu said.

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Nkuhlu said it was not just KPMG that needed to change but the auditing industry as a whole‚ which had lost the trust of the people it aimed to serve.

Dlomu admitted KPMG had lost clients amounting to "less than 10%" of its client book as well as losing a number of partners that resigned to move on to other firms in the wake of the revelations that came to light in September past year.

"If there are any matter required to be reported to the authorities, we'll do so".

Barclays Africa spokesman Songezo Zibi said the bank had requested additional quality assurance from KPMG in 2017 and its status as the bank's external auditor remained under review pending the outcome of investigations by the audit and accounting regulators.

The auditing firm has been embroiled in a number of scandals recently.


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