LISTEN: Sasfin CEO on why the company called it quits with KPMG

After an 18-year working relationship, Sasfin ended its contract with KPMG yesterday.

This happened after the audit firm issued a statement last week Friday in which it took responsibility for two debacles involving the Guptas and Sars.

Sasfin CEO Roland Sassoon spoke to 702 about why his company decided to cut ties with KPMG. Sasfin is one of several companies who have ended their contracts with KPMG recently.

“We had an 18-year relationship with our auditor, and there is a move towards a rotation of auditors. So it is regarded as good corporate governance to move auditors every few years. We felt 18 years was a bit too long to be with one auditor, and one needs independence so that is a factor.

“Obviously, a major factor is the scandal involving Sars, and we had to distance ourselves from KPMG at this time. We’ve decided to put out our audit for tender. This will happen in November, by which time we will have a better understanding of KPMG. There are still two reports that are coming out. It doesn’t look good with the Sars issue, but that was kind of the last straw,” said Sassoon.

Full interview below

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