SizweNtsalubaGobodo stands to benefit from KPMG woes
SNG vies to break into the audit big time
SizweNtsalubaGobodo, South Africa's largest black-owned audit firm, could emerge as the main beneficiary from the troubles that have hit the audit industry. Currently, SNG is the fifth-largest audit firm in South Africa, behind KPMG South Africa - which has been at the centre of the audit industry storm - EY, PwC and Deloitte. SNG's clients include Anglo American, Exxaro, Denel, MTN and Aspen. KPMG, which employs 3,000 people in South Africa, has been hemorrhaging clients and staff since late last year amid ructions over state capture. In the latest blow to KPMG, Barclays Africa announced this month it had cut ties with the firm. The office of the auditor-general terminated its contracts with KPMG last month. Since September last year seven senior executives, including CEO Trevor Hoole, resigned after KPMG came under fire for the role it played in auditing a Gupta-owned company, Linkway Trading, that was allegedly used to channel taxpayers' money to fund the Gupta wedding at Sun Cit...
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