A recycler drags his trolley past the KPMG Offices on Empire Road in Johannesburg on 15 September 2017. Picture: Yeshiel Panchia
As the fallout continues from KPMG’s links to the Guptas, Sasfin announced on Tuesday it had changed its independent sponsor from the auditing firm to Deloitte & Touche Sponsor Services (Pty) Ltd.
“This decision was made to ensure a separation of the role of external joint auditor to the Sasfin Holdings Limited Group with that of Independent Sponsor,” the company said in a statement.
“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.”
On Friday, KPMG said nine senior executives had resigned over the auditing firm’s links with the controversial Gupta family accused of laundering taxpayers monies to pay for their 2013 lavish Sun City wedding.
The SA Revenue Service (Sars) also announced on Monday it would take legal action against KPMG for reputational damage after it withdrew its report on the Sars “rogue unit”. However, KPMG said it did not retract the entire report, but only its findings and recommendations.
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