3 May 2018

Daily Maverick (Johannesburg)

South Africa: Another Blow for KPMG As Barclays Africa Group Drops Battered Auditing Firm

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analysis By Marianne Thamm

It's two steps forward, one step back for embattled auditing firm KPMG, this as the board of directors of Barclays Africa Group Limited announced that it has withdrawn its recommendation to reappoint the firm as auditors. The decision comes weeks after two KPMG partners were found to have had undeclared financial interests in the embattled VBS bank.

Barclays Africa Group Limited, in its initial notice of an upcoming AGM, had proposed that KPMG be re-appointed as one of the group's external auditors, along with Ernst & Young, for the 2018 financial year.

On Thursday however, BAGL, announced that the Board had "carefully evaluated the on-going and more recent developments and decided that it is no longer able to support the reappointment of KPMG".

"The appointment of KPMG as external auditors of BAGL will cease on completion of the statutory and regulatory audit and reporting matters relating to the 2017 financial year, which is expected to take effect by approximately 31 May 2018," BAGL announced in a statement.

The group said that for the 2017 audit the BAGL Group Audit and...

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