{"id":280541,"date":"2018-10-29T14:46:37","date_gmt":"2018-10-29T12:46:37","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=280541"},"modified":"2018-10-29T14:46:37","modified_gmt":"2018-10-29T12:46:37","slug":"nedbank-the-latest-to-drop-kpmg","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/280541\/nedbank-the-latest-to-drop-kpmg\/","title":{"rendered":"Nedbank the latest to drop KPMG"},"content":{"rendered":"

Nedbank has announced that it will appoint Ernst & Young as joint external auditors in May 2019 – becoming the latest firm to drop scandal-hit KPMG.<\/p>\n

Ernst & Young will provide its services alongside Deloitte & Touche, who have, as a consequence of the tender process been nominated to remain the joint external auditor of the companies – subject to shareholder approval, the ban said in a statement on Monday (29 October).<\/p>\n

Bloomberg<\/a> <\/strong>recently reported that KPMG has continued to lose staff and clients in South Africa, more than a year after issuing a public apology for some of the work it did in the country.<\/p>\n

The drop off in work and departures are a consequence of the fallout from corruption allegations that engulfed former President Jacob Zuma and his friends the Gupta family in 2017.<\/p>\n

A central bank investigation published this month said South Africa should also seek damages from KPMG for the role it played in a corruption scandal that saw at least R1.9 billion stolen from VBS bank.<\/p>\n

In June, KPMG\u2019s South African unit said headcount slumped to 2,200 from 3,400 a year earlier, with consultations for further reductions underway.<\/p>\n

More than 10 clients across various sectors have severed ties with KPMG since last year,\u00a0including Barclays Africa Group and South Africa\u2019s Auditor-General.<\/p>\n

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Read:\u00a0KPMG continues to lose staff and clients in South Africa \u2013 report<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Nedbank has announced that it will appoint Ernst & Young as joint external auditors in May 2019 – becoming the latest firm to drop the scandal-hit KPMG\u2019s local unit.<\/p>\n","protected":false},"author":10,"featured_media":183037,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26,1799],"class_list":["post-280541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline","tag-nedbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/280541","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=280541"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/280541\/revisions"}],"predecessor-version":[{"id":280549,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/280541\/revisions\/280549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/183037"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=280541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=280541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=280541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}