KPMG’s woes mount as Munich Re Africa drops it
The African arm of Germany’s Munich Re has dropped KPMG as its auditor, the latest company to distance itself from the accountancy firm entangled in a scandal involving friends of President Jacob Zuma. KMPG sacked its South African leadership last month after it found work done for companies owned by the Gupta family "fell considerably short" of its standards. "It is well known that KPMG has faced some reputational and credibility challenges," Munich Re Africa CEO Nico Conradie said. "I don’t want to accuse them of anything but we just felt that it would be better for us if we are dealing with a new auditor in 2018." Munich Re’s decision was taken last Friday, Conradie said, weeks after the reinsurer’s director, Iraj Abedian, quit, protesting over the board’s decision to wait for the outcome of KPMG’s internal investigation before taking any action. Sasfin and Hulisani, both relatively small companies based in Johannesburg, said last month they would drop KPMG as their auditor, whil...
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