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Finance Minister Malusi Gigaba has instructed Sasria, the state-owned specialist risk insurer, to fire KPMG and appoint another external auditor as controversy swirls around the audit firm’s role in the purge at the South African Revenue Service (SARS) and an audit it conducted for an entity linked to the Guptas.
"The shareholder has not approved the reappointment of KPMG," Sasria MD Cedric Masondo said on Thursday. "We are in the process of sourcing another external auditor following our tender process."
Masondo says the insurer hopes to forward recommendations to Gigaba before the end of February.
A spokesman for KPMG did not comment on its latest client loss, which will result in its share of about R1.5m in audit fees disappearing from its income statement. It shares Sasria’s audit work with AM PhakaMalele, which Gigaba wants Sasria to retain and partner with a new audit firm.
In a letter seen by Business Day, Gigaba told Sasria chairman Adam Samie that he did not approve of KPMG...
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