FOSCHINI GROUP CUTS TIES WITH EM­BAT­TLED KPMG

The Witness - - NEWS -

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.

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