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Reserve Bank says continues to meet with KPMG following VBS Bank scandal

KPMG suspended one of its top executives last week who was the lead partner at VBS mutual bank which has been accused of severe mismanagement and fraud.

The South African Reserve Bank. Picture: Supplied.

JOHANNESBURG - The Reserve Bank says it continues to meet with KPMG as well as banks that use the auditing firm following the latest scandal with VBS Bank.

KPMG suspended one of its top executives last week who was the lead partner at VBS mutual bank which has been accused of severe mismanagement and fraud.

The Reserve Bank says its interest in KPMG stems from a public policy perspective arising from its mandate to ensure the soundness and stability of South Africa's financial system.

In a statement, the Reserve Bank said: “Auditors play an important role in fostering market confidence in the financial statements of financial institutions.

“The robustness and integrity of audits depend to a large extent on the strength of governance and the depth of an ethical culture within a financial institution. These are issues that we monitor constantly.”

Auditor General Kimi Makwetu also announced this week he had terminated government contracts with the embattled auditing group.

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