KPMG CONTROVERSY
Reserve Bank stresses firms free to appoint any auditors
The Bank again stresses that it does not interfere in the process of auditor appointments
The Reserve Bank said on Thursday that it continues to engage with KPMG as well as with banks that use the auditing firm. And it again stressed that it does not interfere in the process of who an institution appoints as its auditor. In its second public statement on the controversy surrounding KPMG, the Reserve Bank said it had noted recent developments regarding the audit firm, in particular its audit of VBS Mutual Bank. In October 2017, in response to market speculation that it had instructed banks not to fire KPMG, the Reserve Bank issued a statement noting that it had not instructed banks on what steps they should or should not take with regards to their contracts with KPMG. In Thursday’s statement the Reserve Bank said that as stated in 2017, its "interest in the KPMG matter stems from a public policy perspective, arising from the [Bank’s] mandate to ensure the soundness and stability of SA’s financial system". The Bank said a capable and competitive audit and auxiliary service...
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