KPMG stands by its audit opinions on Stanbic IBTC Holdings

KPMG has said it stands by its audit opinions on Stanbic IBTC Holdings PLC’s 2013 and 2014 financial statements.

Reacting to the Financial Reporting Council of Nigeria (FRC)’s decision in a statement signed by its Partner & Chief Operating Officer, Yomi Sanni, it said KPMG has been notified, via a “FINAL NOTICE’’ letter issued by the FRC to its client, Stanbic IBTC Holdings Plc, that the FRC registration number of one of its partners, who acted in the capacity of the audit engagement partner for the Holding has been suspended.

“We wish to state categorically that KPMG does not agree with the decision taken by the FRC, as it does not reflect the true position in this matter. Our position is that the decision of the FRC is erroneous on its merits and the process that led to it, is significantly flawed and not in compliance with the requirements of the FRC Act”, it stated.

KPMG however reassures its stakeholders that it will take all necessary lawful steps to address the situation, saying KPMG will like to reiterate that it is an organisation that complies with the requirements of all regulations, acts and policies that govern its business.

“KPMG will continue to deliver its services to its clients with the quality, integrity and objectivity required from an established and reputable professional services firm,” it said.

FRC had last week Monday suspended the registration of four directors of Stanbic IBTC and that of its audit engagement partner, KPMG, until KPMG’s innocence is ascertained.

The four directors suspended are Atedo Peterside, Sola David-Borha, Arthur Oginga and Dare Owei.

The bank is alleged to have misstated its financial reports for the 2013-2014 fiscal year and ceded its banking application rights to Standard Bank of South Africa against the directives of National Office for Technology Acquisition and Promotion (NOTAP).