The JSE is the first listed company to take the initiative on the plan of the Independent Regulatory Board of Auditors (Irba) to introduce mandatory rotation of audit firms. During 2016, the JSE’s audit committee decided that after several decades as its independent auditor, KPMG would not be considered for reappointment for financial 2016. EY has been appointed as the new independent auditor. JSE CEO Nicky Newton-King said the decision was made before Irba’s consultation on mandatory rotation. "KPMG had been our auditors for decades and we felt it was appropriate to put the audit out to tender." In the JSE’s just-released annual report, the audit committee said no matters of concern regarding the performance of the external auditors had been noted. KPMG had executed its responsibilities "with diligence and distinction". The JSE board said KPMG had "at all times remained independent of the company". In 2016 the audit committee adopted a formal policy on audit-firm rotation in terms ...
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