STATE CAPTURE
Bidcorp has no qualms in giving KPMG the nod
Bidcorp has a market capitalisation of R104bn and operates in the UK, Europe, Australasia and a number of emerging markets, including SA
Multinational food-service group Bidcorp has reappointed KPMG as its independent external auditor, despite a number of other companies dropping the troubled audit and advisory firm’s services. Bidcorp has a market capitalisation of R104bn and operates in the UK, Europe, Australasia and a number of emerging markets, including SA. KPMG, under a cloud after allegations of state capture and unethical conduct, has been providing audit services to Bidcorp for two years. KPMG SA has lost clients equating to 5% of its audit revenue in the past few months. According to KPMG’s annual review, the audit revenue for Europe, Middle East and Africa region was $4.13bn in 2016. At Bidcorp’s annual general meeting in Johannesburg on Thursday, nonexecutive chairman Brian Joffe said shareholders had voted to keep the firm on because remedial action had been and continued to be undertaken to strengthen the governance of the firm and its audit quality process, with the intention of restoring its image. "...
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