FORMAL REVIEW
EXCLUSIVE: HCI unit may dismiss KPMG as auditor over Gupta links
KPMG looks set to lose another JSE client as investment company Deneb, which is part of the Hosken Consolidated Investments (HCI) group, launches a review of KPMG’s role as the company’s auditor. HCI CEO Johnny Copelyn would not comment on the review or a possible link to KPMG’s exposure to the Gupta family other than to say the process of changing an auditor was complicated and needed shareholder approval. "At this stage, I can only say we’re in the process of a formal review of KPMG as Deneb’s auditor." Grant Thornton, which is not one of the big four audit firms, audits most of the companies in the HCI stable.There is no requirement for a listed company to inform shareholders when it changes auditors, nor is there a requirement on the audit firm to notify the Independent Regulatory Board for Auditors. Andre Visser, GM of issuer regulation at the JSE, said a listed company had to notify the JSE within 24 hours of taking the decision to terminate the appointment of auditors. The au...
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