VBS Mutual liquidators target KPMG

"KPMG South Africa is investigating the matter in full cooperation with the curator of VBS Mutual Bank. Pending the outcome of the ongoing investigation, the VBS audit partner has been suspended. As the investigation is ongoing, it would be inappropriate to comment further at this time," Sibiya said.

When VBS Mutual Bank recently went into curatorship, information arose in relation to these partners that prompted KPMG to launch an independent investigation, conducted by law firm Bowmans. That investigation was ongoing and further action would be taken as appropriate. "This has been a very disappointing episode for KPMG.

Fear spread through poor rural communities across South Africa in November when VBS, a regional bank that catered to poorer. officials told AFP that asset recoveries will depend "on the success of.

The auditing profession has been under fire since the implication of KPMG in state capture and the implosion of Steinhoff. Questions have also been raised about the role of internal auditors in.

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The South African Reserve Bank (SARB) has placed the troubled Venda-based VBS Mutual Bank under curatorship. sarb governor lesetja Kganyago and the Registrar of Banks Kuben Naidoo updated media on.

When VBS Mutual Bank recently went into curatorship, information arose in relation to these partners that prompted KPMG to launch an independent investigation, conducted by law firm Bowmans. That investigation was ongoing and further action would be taken as appropriate. "This has been a very disappointing episode for KPMG.

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For instance, the Gupta scandal has seen KPMG’s role as external auditor being questioned. to achieve its ambitious growth target. The root cause of what compromises the governance structures of an.

the construction group that entered liquidation earlier this month. The audits in question were conducted by KPMG LLP and cover the years ended dec. 31 2014, 2015 and 2016 as well as additional audit.