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South Africa: Sasfin to Review Its Future Engagement With KPMG

Sasfin will be changing its Independent Sponsor from KPMG Services (Pty) Ltd to Deloitte & Touche Sponsor Services (Pty) Ltd, effective as of Tuesday, 19 September 2017. This decision was made to ensure a separation of the role of an external joint auditor to the Sasfin Holdings Limited Group with that of Independent Sponsor. KPMG…”
Yusuf
September 20, 2017 3:56 pm

Sasfin will be changing its Independent Sponsor from KPMG Services (Pty) Ltd to Deloitte & Touche Sponsor Services (Pty) Ltd, effective as of Tuesday, 19 September 2017. This decision was made to ensure a separation of the role of an external joint auditor to the Sasfin Holdings Limited Group with that of Independent Sponsor.

KPMG Inc. and Grant Thornton Johannesburg Partnership have been joint auditors of Sasfin Holdings Limited Group for 18 and 30 years respectively.

 In view of the well-publicised concerns recently raised with regard to KPMG as well as Sasfin’s commitment to good governance in respect of auditor independence and auditor tenure, Sasfin has decided to put its audit out to tender.

This process is expected to begin in November 2017

Source: All Africa

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