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Sarb adamant it didn't order banks to reconsider KPMG contracts

The bank says its statements on the scandal that has rocked the auditing firm in the past two weeks, stemmed from a public policy perspective.

SA Reserve Bank Governor Lesetja Kganyago. Picture: Cindy Archillies/EWN

CAPE TOWN – The South African Reserve Bank (Sarb) has reiterated its stance that it has not ordered any bank to reconsider their contracts with embattled auditing firm, KPMG.

The bank says its statements on the scandal that has rocked the auditing firm in the past two weeks, stemmed from a public policy perspective.

Last week, bank governor Lesetja Kganyago said it would meet with bank officials and auditing firms to better understand the context around KPMG.

Two weeks ago, banking and financial services group, Sasfin announced after 18 years, it was dropping KPMG as its JSE sponsor and auditor.

It cited concerns over the firm’s audit of a Gupta-owned company and its controversial Sars report.

By law, the country’s big four banks must contract two joint auditors from a list of the country's major auditing firms, that includes KPMG.

The Reserve Bank says in the wake of the scandal it has engaged with banks and auditing firms to better manage any potential financial stability risks that may arise as a result.

Last week, the bank called for thoughtful leadership and restraint on the matter.

But the central bank says it’s not instructed banks on what steps they should or should not take, with regards to their contracts with KPMG.

(Edited by Leeto M Khoza)