Beleaguered auditing firm KPMG will no longer be the external auditor of the South African Institute of Chartered Accountants (Saica). The firm, which has lost a number of large clients following several scandals, offered to resign from the Saica account in the light of the inquiry under way under the chairmanship of Dumisa Ntsebeza SC. Saica said on Friday that the Saica board "has accepted KPMG’s offer to resign as Saica’s external audit firm, citing possible perceived independence concerns if they were to perform the 2018 audit as a result of the current Saica-appointed Ntsebeza inquiry, which is looking into some of the former and current KPMG-employed chartered accountants. All the parties believe this is in the best interests of Saica, its members and KPMG." Saica said it would now begin a tender process to appoint external auditors. The board will be in a position to table a progress report on this process to its members at the June 26 AGM. A special general meeting will be c...

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