FOSCHINI GROUP CUTS TIES WITH EMBATTLED KPMG
CAPE TOWN — The Foschini Group is the latest South African company to cut its ties with embattled auditors KPMG.
In a statement yesterday, the clothing retail company said Deloitte & Touche has been appointed as the company’s external auditor, re placing KPMG.
“The change in audit firm, which is effective immediately, was initiated by the company following the concerns recently raised regarding KPMG,” it stated in a short note to its shareholders.
Munich Re of Africa, Sasfin, Sygnia Asset Management and Hulisani are among other companies that have already stopped using the accountancy firm.
Consumer goods distributor AVI has said it would stop using KPMG as an external auditor after the accounting firm admitted to falling short of its own standards.
Telkom SA, meanwhile, has said it won’t award any new business to KPMG pending the outcome of an investigation into the firm by the Independent Regulatory Board for Auditors.